Teva set to boost TASE
How was your weekend?
Avi Weinreb
30.07.2001 09:16
TASE leading indexes are expected to be lifted during the morning hours, following impressive gains recorded on Thursday. Teva, which opens with a 5.1% positive arbitrage gap, is likely to pull the market up again today.
Yesterday the market was closed for the Tisha B’Av fast day. On Thursday the TASE rose strongly amid a huge NIS 933 million turnover, bolstered by TA-25 index options expiry. The Tel Aviv 25 index closed 1.80% higher, at 454.79 points, and the Tel Aviv 100 index closed 1.53% higher at 435.56 points. The Tel-Tech index closed up 0.31% at 259.47 points
On Wall Street performance was mixed on Friday. The Nasdaq rose 0.3% to 2,029 points and the Dow Jones lost 0.37% to 10,416.7 points. Nasdaq futures are currently down 0.5%.
Arbitrage gaps are likely to have a positive effect on the market today. Positive arbitrage gaps are likely to lift Teva (+5.1%), NICE Systems (+2.3%), BreezeCOM (+3.1%) and Jacada (+15%).
On the other hand, negative arbitrage gaps will put pressure on Elbit Systems (-4.4%), Magic (-4.7%), Tower Semiconductor (-2.7%) and Partner (-1%).
In their weekly market report, Union Bank economists say that the next few days will determine which direction the TA-25 index is heading - a clear break above the 450 points mark will signal the end of the slump in stock prices weighing on the local market for almost a year, and instead will herald the beginning of a trend of medium to long term gains.
Bank Hapoalim analysts recommend that current cheap prices in many stocks present an opportunity to expand portfolios. Hapoalim says investors should consider selecting stocks that are more immune to the global economic slowdown, for example, stocks in the defense, food and pharmaceutical sectors. |
