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Tel Aviv stocks closed up 1.2% on Wednesday.

The Maof-25 blue chip index and the TA-100 index each closed up 1.2%. Technology shares closed with 2.3% gains. Total turnover was low at NIS 205 million.

Teva Pharmaceuticals (Nasdaq:TEVA) closed off 0.1% on large turnover of NIS 34.9 million, after opening with 1.8% positive arbitrage spread. Today it was reported that the trials of oral Copaxone (Coral) have failed, and that the results aren't statistically significant. Copaxone is used in the treatment of relapsing-remitting multiple sclerosis, and is administered via injections. Capital market sources estimate that the drug giant will not conduct further trials of the oral version. Teva said it is still studying the results and examining options with its trials partner, Danish drug firm Lundbeck.

Bank Discount continued its positive trend and closed up 2.9% on NIS 3.6 million volume of trade. TheMarker yesterday reported the bank will issue 30% of the shareholders' equity of its New York branch. It is believed that the offering will be based on about $600 million company value, which is expected to generate the parent company some $180 million.

Koor Industries (NYSE:KOR) corrected upward, rising by 1.9%. Koor in the last two days dropped over 8% after affiliate ECI Telecom (Nasdaq:ECIL) released disappointing Q4 results.

Clal Industries, which owns a stake in ECI, closed up 2.4%, after dropping 3.8% over the last two days.

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Tadiran Communications closed up 4.8% after it was reported yesterday that the company is considered a fronrunner in a $100-150 million Indian tender. It is estimated that the tender involves the Indian army, which wants to acquire communications systems. The results are expected in the coming months.

Retalix (Nasdaq:RTLX) rose by 1.5% after positive Q4 financials. The company expects revenue in 2002 will increase by at least 20%.

Metalink (Nasdaq:MTLK) jumped 10.8% after opening with a huge positive arbitrage spread of 13.6%. Nice (Nasdaq:NICE) close up 1%. Matav Cable Systems (Nasdaq:MATV) climbed 2.7%, while Partner Communications (Nasdaq, TASE:PTNR, LSE:PCCD) closed off 0.7%.

Bank Hapoalim closed up 1.9%, and Bank Leumi gained 1%. Mizrahi Bank closed with 2.5% gains, while the First International Bank of Israel closed up 3.7%.

IDB Holding Corporation closed up 0.3%, IDB Development Corporation climbed 1.3%, and Discount Investments closed with 0.9% gains.

Phone company Bezeq closed up 1%.