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Israel Stocks: Clal Industries, Cellcom, Hapoalim, Discount Bank

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May 21 (Bloomberg) -- Israel’s TA-25 index declined for a third day, sliding 0.8 percent to 1,064.38 at the 4:30 p.m. close in Tel Aviv. Investors traded about 948 million shekels ($248 million) of shares and convertible securities, according to bourse data.

The following stocks rose or fell today. Symbols are in parentheses.

Alvarion Ltd. (ALVR IT) rallied 6.3 percent, the most since April 24, to 1.929 shekels. The developer of wireless access solutions announced a multi-million dollar project in the Philippines.

Clal Industries and Investments Ltd. (CII IT) gained for a second day, climbing 8 percent to 12.81 shekels. IDB Development Corp. yesterday agreed to sell a 49.9 percent stake of Clal to Access Industries Holdings Inc. at a premium to the company’s share price.

Israel Discount Bank Ltd. (DSCT IT), Israel’s third-biggest bank, gained 2.2 percent, Mizrahi Tefahot Bank Ltd. (MZTF IT) climbed 0.7 percent and Bank Hapoalim Ltd. (POLI IT), the nation’s second-largest bank, rose 0.5 percent. The Clal Industries sale has “increased confidence among institutional investors that debt may be serviced,” said Terence Klingman, senior analyst for international clients at the Tel Aviv-based Psagot Investment House Ltd.

Cellcom Israel Ltd. (CEL IT) advanced as much 4.4 percent before closing 0.7 percent higher at 30.80 shekels. Israel’s largest mobile-phone company was raised to neutral from sell at I.B.I.-Israel Brokerage & Investments Ltd. Discount Investment Corp. (DISI IT), which holds a 47.04 stake in Cellcom, rose 2.1 percent to 8.98 shekels.

To contact the reporter on this story: Shoshanna Solomon in Tel Aviv at ssolomon22@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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