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Tel Aviv stocks droop Monday opening

Team computers up 7.7% after affiliate TTI Telecom won hefty Hutchison tender

Tel Aviv stocks are trading with a negative bias at Monday opening. The Maof-25 index of blue chips is off 0.4% to 460.5 points, while the TA-100 index is trading unchanged at 444.5 points. Technology shares are off 0.2%. Total turnover is extremely low at NIS 11 million.

Drug company Agis Industries is rising 2.6% on NIS 1.4 million volume. Chairman and President Moshe (Mori) Arkin has acquired his sister's shares in the family-owned holdings company Arkin, which owns 42% of Agis. The acquired stake comes to NIS 135 million. It is estimated that the company could soon distribute dividends which would help Moshe Arkin finance the acquisition.

Team Computers & Systems is jumping 7.7%. Ha'aretz today reported that Team affiliate TTI Telecom has won a Hutchison tender for establishing control rooms for 3G cellular networks. The tender is estimated at $60 million.

Formula Systems (Nasdaq:FORTY) is rising 1.5%, maintaining last week's positive momentum, after Goldstein brothers Dan and Gad regained their control in the company.

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Teva Pharmaceuticals (Nasdaq:TEVA) is down 0.2% on the session's biggest turnover, NIS 2.3 million.

Koor Industries (NYSE:KOR) is down 1.1%, and IDB Development Corporation is off 1.2%.

Bezeq phone company is up 0.2%. Partner Communications (Nasdaq, TASE:PTNR, LSE:PCCD) is down 1.1%.