Tel Aviv stocks defy Wall Street drops, Haifa terror attack to end 2% up

HSBC recommendation lifts IDB group stocks
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Tel Aviv stocks defied Wall Street blues and terror in Haifa to close with 1.7% gains on low turnover.

A would-be suicide bomber wounded 31 but killed none, not even himself, before the session even began. Nonetheless the Maof-25 index of blue chips gained 1.7% to 417.6 points and the TA-100 index climbed 1.4% to 400.4 points. Tech stocks surged by 3% despite Wall Street's slip on Friday.

The session opened with mild losses. By 10:30 the indices were in the green and steadily picked up momentum until closing.

IDB group stocks gained over 1.5% after HSBC published a favorable report on the group, saying that now's the time to invest in the group. IDB Holding Corporations climbed 1.5%, IDB Development Corporation closed up 1.7%, Discount Investments gained 3.7%, and Clal Industries closed up 3.3%.

IDB Development Corporation and Discount Investments received Buy ratings and price targets 25% and 20% higher than the market.

Lipman Electronic Engineering gained 7.2% on NIS 3 million turnover after announcing a four-year $20 million deal with an American company.

Teva Pharmaceuticals (Nasdaq:TEVA) closed down 1.3% on the session's biggest turnover, NIS 20 million, after starting on a negative arbitrage gap of 2.3%.

Metalink (Nasdaq:MTLK) leaped 31% after starting with a 19% arbitrage spread with Nasdaq.

AudioCodes (Nasdaq:AUDC) closed up 14.9% after starting on an even wider arbitrage gap.