Tel Aviv indices trading horizontally on low volume at mid-day - TheStreet

Tel Aviv's leading indices are flattening out at mid-day after posting mild gains at late morning Wednesday. The session is boring, with pathetic mid-day total volume of only NIS 82 million.

The flat trading in Tel Aviv follow a 1.9% increase on Nasdaq yesterday after three days of losses.

The Maof25 blue chip index is up 0.05% to 472.06 point, and TA-100 index is rising by 0.12%. to 457.9 points. The Tel-Tel index is up a somewhat more decisive 0.78%.

Sources on the exchange said that the market's weak performance follows lower prices in Europe and negative indications from future contracts.

Teva Pharmaceuticals (Nasdaq:TEVA) is maintaining its position as the liveliest stock on the floor, losing 1.1% on high early volume of NIS 12 million, following a negative arbitrage gap opened against Nasdaq.

Shares of Tower Semiconductor (Nasdaq:TSEM) began trading in Tel Aviv today as an arbitrage stock. Tower is up 3.3% on volume of NIS 97,000.

Investec General Bank is prominent this morning with a 7% leap on unusually high volume - everything being relative - of NIS 2.8 million. Investec was exceptionally active yesterday, rising 9.2% on volume of NIS 2.6 million. it does appear as though someone is accumulating stock, yet no one is providing any explanations for the unusual activity in the stock.

Another jumper is Mishkan - Hapoalim Mortgage Bank, climbing 4% in a NIS 1.1 million turnover.

Maariv

reported that parent company Bank Hapoalim is in advanced negotiations to merge Mishkan activities with that of Hapoalim. The story said the merger is expected to happen in the next few months.

Zeevi Computers has lost about 90% of its value since its February high, 30% of which was in the last month, is correcting today. Zeevi is gaining 15% on NIS 1.1 million turnover.

New Kopel is sliding by 6% on NIS 400,000. share has lost 25% since the beginning of the year and 60% since its September 2000 high. The company is suffering from the general weakness that befell the technology sector. Much of its leasing activity had originated from hi-tech.

Arbitrage stockes are trading this morning with a pleasant swell, leading the pack are shares of Magic Software Enterprises (Nasdaq:MGIC) up 6.9% though stock was trading higher this morning.

Retalix(Nasdaq:RTLX) is up 5.1% in spite of a negative arbitrage spread of 4.6% with Nasdaq. Koor Industries (NYSE:KOR) is up 2.2% on a similar arbitrage gap, While shares of Matav Cable Systems Media (Nasdaq:MATV) are down 1.8% following a 1.2% loss on Nasdaq.