Tel Aviv stocks are flat at Thursday mid-day, after opening with mild gains of 0.6%.
The Maof-25 index of blue chips is up 0.1% to 406.7 points, and the Tel Aviv-100 index is flat at 387.2 points. Tech stocks are rising 1.26% after gaining 10% in two days. Total turnover is low at NIS 95 million.
Market players said that Tel Aviv's indices aren't picking up despite European gains and optimistic Nasdaq futures because of profit-taking on several weighty stocks that recently rose sharply.
Moreover, weak performance by IDB group stocks are weighing on the indices. IDB group company Clal Industries is down 2.9% on NIS 3.7 million turnover after announcing Q3 write-downs of NIS 280 million.
Another IDB company, Discount Investment Corporation, has reversed to a 0.4% dip after rising 1% in the morning. On Sunday the company pre-announced Q3 write-downs of NIS 210 million, but yesterday it gained 3.4% based on strong Q3 results from affiliate Cellcom.
IDB Holding Corporation is up 1%, and IDB Development Corporation is off 0.2%.
Teva Pharmaceuticals (Nasdaq:TEVA) is up 1.3% on the session's biggest turnover, NIS 24 million, after slipping almost 3% yesterday on news that it won't be buying the F.H. Faulding injectibles unit after all.
AudioCodes (Nasdaq:AUDC) is rocketing up by 37.2% on slim NIS 185,000 turnover after starting on an arbitrage spread with Nasdaq of 40%. Delek Automotive is up 3.7% on a very small volume of trade, after reporting a 45% slide in its third-quarter profits to NIS 33 million, and a 40% drop in revenue to NIS 661 million. The company imports Mazda and Ford to Israel.
Its parent company, Delek Group, is down 0.5% on NIS 210,000 volume of trade. Ma'ariv today reported that it may float its 100% subsidiary Delek The Israel Fuel Corporation on the Tel Aviv Stock Exchange.
Participation units of oil exploration company Isramco are jumping 8.2% on NIS 2.5 million turnover. Isramco has gained an aggregate 13% over the last two trading days after Antitrust Commissioner Dror Strum said that competition in the local energy market would benefit if the Isramco-Middle East Energy group would be among the companies that will supply natural gas to the Israel Electric Corporation.
Suny Electronic is rising 11.3% after yesterday's gain of 10.7%. Lipman Electronic Engineering is up 1.3%, bringing its two-day gain to 6%.