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Tel Aviv stocks closed Monday down slightly

Elbit Systems dropped 0.6% despite acquisition of electro-optical systems firm Ortech

Tel Aviv stocks closed down 0.5% on Monday. The Maof-25 blue chip index dropped 0.5% to 445.3 points and the TA-100 index closed off 0.3% to 427.8 points. Technology shares climbed 0.5%. Total turnover was low at NIS 211 million.

Bank of Israel Governor David Klein announced half an hour before closing that interest rates would remain unchanged. This was anticipated and failed to affect trading ahead of closing. Koor Industries (NYSE:KOR) dropped 1%, while its agrochemicals subsidiary Makhteshim Agan closed unchanged. Today, Makhteshim Agan announced that it has invested $5 million in the establishment of a new facility in Ashdod for making granulated products.

Israel Chemicals climbed 0.8%, Ellern Investments jumped 4.7%, and the Delek group closed up 0.5%, after Delek lost ground most of the session. The companies control VID Desalination group, which is building the desalination plant in Ashkelon. Yesterday, Finance Minister Silvan Shalom approved doubling the plant's annual water production capacity to 100 million cubic meters.

Elbit Systems (Nasdaq:ESLT) closed down 0.6%. Today the firm announced it has acquired whole ownership of Ortech, acquiring a 25% stake from the Steinmetz group. Ortech develops electro-optical systems for the security forces. The systems are used for securing borders and facilities.

Elco closed up 0.7%, completing a 17% aggregate rise since announcing two weeks ago the acquisition of French appliance maker Brandt for $225 million, Yesterday, Elco announced it is planning to raise NIS 100 million through a bond issue.

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Comsoft Technologies climbed 2.5% on NIS 2 million irregular turnover.

Teva Pharmaceuticals (Nasdaq:TEVA) dropped 0.2% on NIS 16.8 million volume of trade. Partner Communications (Nasdaq, TASE:PTNR, LSE:PCCD) closed down 1.2%. Alvarion (Nasdaq:ALVR) jumped 6.2%.

Bank Hapoalim closed off 0.5% on the session's highest turnover, NIS 24.5 million. Bank Leumi climbed 0.7%, and Bank Discount dropped 0.4%. Mizrahi Bank closed up 0.5%, and First International Bank of Israel dropped 3.1%.

Insurance companies closed down. Clal Insurance dropped 0.6%, Migdal Insurance closed off 2.1%.

IDB Holdings Corporation closed off 1.2%, IDB Development Corporation dropped 0.8%. Discount Investment closed down 1.2%, and Clal Industries closed off 1.5%. Clal today announced it has completed a NIS 100 million bond issue.