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After opening up 2% at the start of Thursday's session, blue chip stocks in Tel Aviv finished with a gain of just 0.74% to 406.58 points, due to sagging European markets. The TA-100 index closed up 0.46% to 399.45 points and technology shares gained 0.83%. Total turnover was moderate at NIS 218 million.

Europe shrugged off the Federal Reserve's latest interest rate cut, dampening the mood on the Tel Aviv Stock Exchange. The average European stock lost 0.5%.

Teva Pharmaceuticals (Nasdaq:TEVA) rose 2% on the session's biggest turnover of NIS 37 million after opening with a negligible negative arbitrage gap.

Koor Industries (NYSE:KOR) climbed 2.6%, Formula Systems rose just 0.1%, and Retalix (Nasdaq:RTLX) gained 0.7%, after adding 11% yesterday.

The IDB group of stocks closed moderately up, failing to sustain strong opening gains. IDB Holdings added 1% after having risen 3% at opening, IDB Development gained 1.8%, Clal Industries rose 3.1%, Clal Electronics climbed 0.4%, and Discount Investments jumped 4.7% on a hefty turnover of NIS 17 million. Yesterday, the shares closed up 8%.

Bank Hapoalim added 0.2% on a NIS 13 million turnover, Bank Leumi edged up 0.1%, and Bank Discount closed up 0.5%.

The Phoenix1 stock of the Israel Phoenix Assurance Company dropped 11% on a slim turnover. On Wednesday, Phoenix shares leaped 19% after its controlling shareholders, Joseph Hackmey and Shlomo Eliahu, announced they were in negotiations to sell their holdings in the company. According to today's press reports, the buyers are believed to be Jacob Shachar and Israel Kass, co-managers and owners of Mayer's Cars & Trucks, and importers of Volvo and Honda cars.

The Walla portal shed 7.7% on a turnover of NIS 318,000.

Elite5 stock of Elite Industries fell 2% despite having been rated yesterday as a short-term Accumulate and a long-term Buy by Investec General Bank. Investec set the stock a price target of NIS 210, which is 38% higher than its current price.

Scitex (Nasdaq:SCIX) lost 2.5% after announcing it is abolishing Karat Digital Press, its joint venture with Koenig & Bauer (Frankfurt, Munich: KBA). Scitex had invested $30 million in KDP. On Wednesday, Scitex also announced it is abandoning its joint venture with British Telecom (BUE: BTY.BA), Vio Worldwide, in which it had made a similar investment. The closures had been expected, which explains why Scitex shares sustained only mild drops.

Matav Cable Systems (Nasdaq:MATV) rose 1% after officially announcing it is negotiating to merge its subsidiary NonStop with NetVision. The merger will enable Matav to acquire some 50% of NetVision.

Baran added 3%. The shares have lost 40% since the beginning of the year after Yes satellite television company cancelled its agreement with the company. Baran had been the contractor in charge of Yes' residential satellite television installations.