The TASE closed a Sunday session of fluctuations on high NIS 486 million total turnover. Having opened with 1% gains inspired by the bullish Wall Street weekend, the indices reversed back to declines when the Thursday selling trend once again took hold.
At around 3 p.m., the trend was once again positive, finally lifting indices.The Maof-25 closed up 0.76%, and the TA-100 ended the session up a slightly higher 0.8%. The Tel Tech managed an even higher climb of 1.5%.
Analysts are beginning to predict the stock market will become the leading investment instrument in 2002, since the interest rate cut will lead to market growth, increased private consumption, and a better exchange rate that will boost profits on exports.
The analysts do not neglect to mention the risks involved, such as the Nasdaq, political tensions, possible taxation of capital gains, and possible interest rate increases during the year.
Teva Pharmaceuticals (Nasdaq:TEVA) gained 2.4% on the highest turnover on the floor, NIS 48 million, having ended the Nasdaq session with a positive 1.5% gap. Ha'aretz reported this morning the company was forming a consortium along with the RAD group and Johnson & Johnson to bid for the tender privatizing technological incubators.
Tower Semiconductor (Nasdaq:TSEM), having leaped along with the entire semiconductor sector on Wall Street, closed a positive gap with a 7.8% climb.Metalink (Nasdaq:MTLK) also rose 5.2%, while Koor Industries (Nasdaq:KOR) soared 6.4% on NIS 30 million turnover.
On the other end were Partner Communications (Nasdaq:PTNR) down 4.7% on NIS 9 million turnover and Alvarion (Nasdaq:ALVR) that shed 4.4%.
Bezeq climbed 1.8% on high NIS 25 million turnover, apparently in response to morning news Cellcom has backed out of the LMDS tender, and was postponing joining the competition in the local calls market.
IDB group shares fared well today. IDB Development climbed 2.9%, and IDB Holdings rose an unusually high 5%. Israel Discount Corporation climbed 0.9%, while Clal Industries gained 1.6%.
Agis Industries closed up 2.6%, and Scitex (Nasdaq:SCIX) gained a handsome 7%.
Insurance shares headed south today. Clal Insurance lost 1.8%, and Migdal dropped 3.5%.
Nisko Investment climbed 6.3% on high NIS 460,000 turnover, on news its holding Optics Networks raised $5.6 million according to a $31 million valuation.