The Tel Aviv Stock Exchange is starting Tuesday with decisive gains, lifted by a backwind from Wall Street and positive second-quarter reports.
"The mood in the market is good," says DBM Investment House manager Rami Dror.
The government is expected to push its budget for 2003 through Knesset today, despite widespread condemnation of the nature of its budget cuts. A yea vote for the shrunken budget would also encourage investors, Dror says.
The Maof-25 index is up 1.4% to 382 points and the TA-100 index is rising 1%. The technology index, which contains many dual-listed stocks, is gaining 1.2%. Volume is thin at NIS 13 million.
Teva Pharmaceuticals (Nasdaq,TASE:TEVA) and Partner Communications (Nasdaq, TASE:PTNR, LSE:PCCD) are expected to hog the kliegs today, after Teva yesterday beat second-quarter earnings forecasts by 10% and the cellular operator reported its first-ever profit.
It should be said though that Teva had risen handily before filing its financial statement, on expectations that its report would be a good one.