Israel Stocks: Israel stocks higher; Magal secures new accords
TEL AVIV (MarketWatch) — Israeli stocks rose for a second day, with broad gains led by the financial sector and Israel Chemicals.
In technology, security-tech provider Magal soared as it secured some contracts.
The Tel Aviv Stock Exchange’s benchmark TA-25 Index closed higher by 1.29% to 868.43, while the TA-100 Index climbed 1.26% to 809.96.
The Tel-Tech 15 Index of top technology issues rose 0.75% to 199.63.
The Finance-15 Index jumped 4.12% to 819.79.
The most-active issue was Bank Leumi, up 3.4%. The other banks followed suit, with Hapoalim up 3.9%, Mizrahi Tefahot up 2.5% and Discount up 7%.
The Israeli daily Maariv reported that the Finance Ministry extended the time during which the banks can take advantage of government guarantees to raise capital and gave them better terms.
“In recent weeks, the banks have succeeded in raising 8.5 billion shekels without guarantees from the Treasury,” Maariv reported.
Also notably higher among the blue chips were insurer Migdal, up 4.3%, Paz Oil, up 3.7%, and investment firm Harel, up 2.6%.
Israel Chemicals rose 1.3% while holding company parent Israel Corp. tacked on 3.5%.
Defense contractor Elbit Systems added 0.5%. The Israeli business daily Globes reported that HSBC analysts began coverage of the company with an overweight rating.
A notable loser among the TA-25 members: telecom provider Bezeq, down 4.6%.
Leading tech higher were Gilat, the provider of satellite-based communication networks, and Nice Systems, the provider of digital recording and archiving systems, both up 1.9%; Retalix, the provider of management systems for retailers and distributors, up 1.3%, and Given Imaging, the provider of pill-based endoscopy solutions, up 2.9%. Tech-investment manager Formula Systems added 3.1%.
Outside the technology benchmark index, Magal Security Systems shares flew up 17%. The provider of security products and solutions with applications at airports, borders and other secure facilities in areas said that during May it won contracts valued at $8.5 million.
Under the contracts, its systems will protect airports and nuclear power stations in Southeast Asia, provide border protection in Israel, and extend an airport project in Eastern Europe. Magal expects to complete most of the work on these contracts this year.
Israel Stocks: Israel stocks higher; Magal secures new accords
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