Tel Aviv opens up 0.3%, waits for interest rates - TheStreet

The Tel Aviv Stock Exchange is opening up a slight 0.3% this morning on NIS 15 million turnover, after slipping yesterday 0.5%. Today¿s trade will be overshadowed by the financial reports coming in and in waiting for Bank of Israel governor David Klein¿s decision on June interest rates.

The Maof-25 blue chip index is now up 0.3% to 387.5 points and the TA-100 is up 0.2% to 377.4 points. Technology shares are slipping 0.1%.

Bank Leumi is up 4.8% on NIS 10 million turnover in response to the good financials the bank published this morning. Net profit fell 25% in Q1 to NIS 219 million. Provision for doubtful debt was NIS 353 million, down 48% from the provision in the previous quarter. The results are far better than analysts had projected.

Mizrahi Bank is trading unchanged after the publication yesterday of an embezzlement scandal at the bank¿s Bnei Brak branch. Investment manager David Roth is suspected of transferring about NIS 28 million from the accounts of ten customers to the accounts of 236 other customers, who had lost money on investment advice from the bank.

Koor is down 1.1% on top of yesterday's 2.7% slide. The company announced yesterday that it will post a loss of NIS 383 million due to the transfer of currency conversion differences on Tadiran¿s financials from its own shareholders equity item to the surplus item in it balance sheet. The company called the move a technical accounting change.