Israeli shares ended the Tuesday session mildly down on thin turnover of NIS 222 million. Trade was mostly sluggish, but the Shekem department store chain stood out with a 34% leap as the state sold off its stake.
The Maof-25 index ended down 0.9% at 428.55 points and the TA-100 index closed off 0.32% to 417.6 points. But while blue chips took a slapping, tech stocks did nicely, closing on a 1.6% gain.
Market players described the session as calm. They say that a mild spate of morning selling abated towards noon, and surmise that perhaps the Tel Aviv Stock Exchange is changing to a more positive trend, fueled by gains on Nasdaq. But in late afternoon trade investors were disheartened by Nasdaq futures indicating a 1.5% slide by American tech stocks today, which was enough to send the Tel Aviv indices down again.
Koor Industries (Nasdaq:KOR) hopped 3.9% on NIS 18 million turnover after gaining 9% yesterday on lively action. Yesterday TheMarker.com revealed that Koor CEO Jonathan Kolber is consolidating a plan to split up the conglomerate and cease its activities as a holding company in order to expose hidden value for shareholders.
Teva Pharmaceuticals (Nasdaq:TEVA) was the liveliest stock on the floor today, ending 1.6% up on turnover of NIS 27 million, after starting on a negative arbitrage gap with Nasdaq of 0.3%.
Formula Systems (Nasdaq:FORTY) sustained its 7.6% gain practically all day, ending on a volume of NIS 6.6 million. Investors apparently liked the press reports yesterday that Israeli businessman Yossi Maiman is bidding to buy the controlling interest in the company.
The banking sector faltered: Hapoalim lost 0.9% and Leumi ended down 1.3%. Bank Mizrahi dropped by 1.5%.
Shekem stock leaped 34.3% on unusually high turnover of NIS 6 million. Yesterday Shekem announced that the Elco group and businessman Yehuda Shenhav had won a state tender for its 8% stake in Shekem. They bid NIS 38.25 per share, 30% above Shekem's share price on the market.