Tel Aviv stocks closed with a negative bias on Monday.

Stocks quickly lost a positive opening bias to dip to a 1% loss at mid-session. But blue chips cut much of the gain before closing.

Total turnover was razor-thin at NIS 146 million.

The Maof-25 index of blue chips closed down 0.46% to 419.51 points and the TA-100 index slipped 0.46% to 411.22 points. Technology shares closed off 0.91%.

The big banks ended the down down on hefty turnover. Hapoalim lost 0.3%. Leumi finished down a steeper 0.9% on the session's highest turnover, NIS 21.4 million. Mizrahi Bank fell 0.7%.

Nice Systems (Nasdaq:NICE) gained 2.4% on NIS 5.5 million. Retalix (Nasdaq:RTLX) added 3.9% after reporting fine results for the first quarter.

Teva Pharmaceuticals (Nasdaq:TEVA) slipped 0.4%. Koor Industries (NYSE:KOR)closed off 0.4% while its subsidiary Makhteshim Agan gained 1.1%. Israel Chemicals rose by 0.7%.

Israel Corporation closed off 1.5%. Baran dropped 4.3%.

Phone company Bezeq closed down 0.2% after losing 2.5% on Sunday. Today

Ma'ariv

reported that Bezeq's board will be debating the company's two-year investment plan tomorrow. It will apparently be slashing its investment budget by millions, given the slump in world markets and the delay in implementing new technology.

IDB Development gained 0.8%, Discount Investments added 0.4%. IDB Holdings added 1% and Clal Industries closed down 2.6%.

Israel Land Development Hotels jumped 9%, a tad below its opening leap of 12%. Today

Ma'ariv

reported that its parent company Israel Land Development plans to buy back ILD Hotels shares and delist it from trade.

Electra Consumer Products fell 2.4%. The company today posted revenues of NIS 441.6 million for the first quarter of 2001, 6% higher than for the first quarter of 2000, and net profit of NIS 8.2 million, 33% more than for the parallel quarter in 2000.