TEL AVIV, Feb 2 (Reuters) - Israeli shares posted solid
gains across the board for the second straight session on
Wednesday, led by sharp advances from Israeli shares traded on
Wall Street and strong mutual fund inflows, traders said.
The Tel Aviv 100 index ended 12.42 points higher, or 2.49
percent at 511.81 points on heavy turnover of 606 million
shekels, compared with 425 million shekels on Tuesday.
The TA-25 blue-chip index rose 11.23 points, or 2.3 percent,
at 500.18. Both indices moved back above the 500-point
threshhold for the first time in three sessions.
On Tuesday, Israeli shares advanced more than 1.5 percent.
"The market looked strong throughout the day... and we had
very nice volume," said Gilad Lahav, a trader at Koor Futures
Markets. "There were a lot of flows from mutual funds pushing
the market higher."
Israeli shares dual-listed on Nasdaq rose on average three
percent on Tuesday, boosting related shares on Tel Aviv on
Wednesday, trader said. Formula Systems FORT.TA FORTY.O,
Teva Pharmaceuticals TEVA.TA TEVA.O, Nice Systems NICE.TA
NICE.O and Matav Cable Systems Media MATV.TA MATVY.O all
gained on these arbitrage gaps.
Formula's shares jumped nearly five percent to 218 shekels
on turnover of 11 million shekels.
Teva stocks rose 3.28 percent to 283 shekels on an
exceptional 32 million shekel volume. Nice surged 4.68 percent
to 246 shekels and Matav's shares soared almost seven percent to
123.80 shekels.
Traders said Matav was also helped by a technical corrective
bounce since its shares had lost ground on a recent earnings
warning.
Bezeq Israel Telecom BEZQ.TA shares were the most heavily
traded, rising 0.91 percent to 22.10 shekels on turnover of 48
million shekels.
0#.TA100- Tel Aviv 100 index constituents
0#.TA25- Tel Aviv 25 index constituents
.TA100- Tel Aviv 100 index
.TA25- Tel Aviv 25 index
Related stories on [IL] [HOT] [STX]
($1 = 4.07 shekels)
REUTERS
Rtr 12:43 02-02-00 |
