Tel Aviv stocks closed with mild losses on Tuesday. Total turnover was low at NIS 213 million.
The Maof-25 index of blue chips closed down 0.2% to 406.9 points, and the TA-100 index closed off 0.1% to 387.2 points. Technology shares closed down 0.5%.
Koor Industries (NYSE:KOR) gained 4.4% on an NIS 11 million volume of trade. Yesterday CIBC Oppenheimer rated Koor a Strong Buy and set a price target of $9.2, 65% above its ADR price in New York.
The First International Bank of Israel dropped 1.8% on NIS 1 million turnover. The bank reported a net profit of NIS 27 million for Q3, 62% less than for the parallel, when net profit came to NIS 70 million. The decrease is mostly due to NIS 143 million provision for doubtful debt, 400% more than for the parallel. In the third quarter of 2000, provision for doubtful debt came to NIS 28 million.
Knafaim Arkia Holdings, which has the control in Arkia Israel Airlines, gained 7% after reporting NIS 17.5 million profit for Q3, 30% less than for the parallel.
Agrochemicals firm Makhteshim Agan closed up 0.7% on lively action of NIS 12.3 million. The unusual trade was due to its successful bonds offering tender for institutionals on Monday. Demand was double expectations at NIS 500 million.
Supersol (NYSE:SAE) closed off 0.2% after Union Bank of Israel (Bank Igud) lowered the price target to NIS 19.34, 14% above the market. The bank anticipates sales for 2001 will come to NIS 6.4 billion, and that Q4 revenue will come to NIS 1.6 billion. Net profit for 2001 is expected to come to NIS 174 million.
Engineering firm Baran closed off 2.8% on high turnover of NIS 3 million. Yesterday Baran fell 5% on high turnover of NIS 4 million. In its guidance announced Monday, Baran lowered forecasts for 2001. It says 2001 profit will range from $15 million to $16 million. Half a year ago the company had anticipated that profit would come to $20 million.
Teva Pharmaceuticals (Nasdaq:TEVA) slipped 1.6% on the session¿s biggest turnover, NIS 29 million. Teva opened with a negative arbitrage gap of 1.6%.
Bank Hapoalim gained 0.4%, but other bank stocks closed down. Bank Leumi dropped 0.4%, Bank Discount closed off 1%, Mizrahi Bank closed off 1.5%.
Participation units of oil exploration firm Isramco closed down 5.3% on NIS 2 million. Last week the units rose by an aggregate 30%.
Green Venture Capital closed up 9.2% on NIS1 million turnover. Yesterday Green leaped 22.8%.