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Tel Aviv stocks sustaining mild gains Sunday morning

Koor is down 0.7% after last week revealing poor Q3 performance

Tel Aviv stocks are sustaining mild gains Sunday morning of about 0.5%. The session is dull, with a spurt of interest in Isramco on reports of a new drill in planning stages.

The Maof-25 index of blue chips is up 0.5% to 405.0 points, and the TA-100 index is rising 0.3% to 385.2 points. Tech stocks are up 0.4%.

Agrochemicals firm Makhteshim Agan is rising 1.1% on NIS 550,000 turnover. Yedioth Ahronoth today reported that unless MAI stock trades above an average of NIS 8.15 in December, it will have to repurchase NIS 90 million worth of shares under an agreement with the minority shareholders of Brazilian firm Milenia, signed in August last year.

Koor Industries (NYSE:KOR) is down 0.7%. Last week the conglomerate announced revenue of NIS 1.85 billion for the third quarter, down 5% from the parallel, and huge losses of NIS 524.1 million.

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Clal Insurance is up 1.4% on announcing a NIS 100 million dividend. It also reported NIS 39.9 million net profit for Q3, 33% down from the parallel, following a NIS 35.7 million drop in revenue from investments due to a dearth of capital gains. Earnings from insurance business increased to NIS 88.9 million, 17% more than in the parallel quarter of 2000. Profit from general insurance rose by more than 500% against the parallel to NIS 18 million.

The Agi drug company is losing 2% after Bank Hapoalim today rated the company a Hold and set its 12-month objective at NIS 32.8, from its previous objective of NIS 36.

Isramco participation units are rising 7.7% on relatively hefty turnover of NIS 1.5 million after Ha'aretz today reported plans to invest up to $8 million, together with partners, in a new exploration. The partners plan to drill for gas in the Shikma Yam permit area.

Isramco units have surged 20% in three trading days, mainly on speculation that it may also get a deal to supply natural gas to the Israel Electric Corporation

Teva Pharmaceuticals (Nasdaq:TEVA) is up 0.7% on NIS 2.5 million turnover. But other dual-listed shares are mostly down, with Elbit Systems (Nasdaq:ESLT) losing 1.7%, Partner Communications (Nasdaq, TASE:PTNR, LSE:PCCD) dropping 2.1%, and Elron Electronic Industries (Nasdaq:ELRN) losing 0.9%.