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Israel Stocks: Hot Telecommunication, Tower , Teva, Kardan NV

May 31 (Bloomberg) -- Israel’s TA-25 index rose the most since April 16, gaining 1.5 percent to 1,065.02 at the 4:30 p.m. close in Tel Aviv. The gauge has dropped 8.5 percent this month. Investors traded about 1.65 billion shekels ($423 million) of shares and convertible securities, according to bourse data, amid the rebalancing of the MSCI indices today.

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

Hot Telecommunication System Ltd. (HOT IT) surged 7 percent to 34.77 shekels, the highest level since May 14. The board of Israel’s second-largest fixed-line operator approved a plan to buy back as much as 184 million shekels of stock.

Kardan NV (KRNV IT) advanced 5.8 percent, the most since April 22, to 2.484 shekels. The investor in real estate and financial services said a unit closed the sale of its 50 percent stake in Russia’s Sovcombank ICB JSC.

Tower Semiconductor Ltd. (TSEM IT), a maker of customized chips, advanced the most since April 24, rising 5.8 percent to 3.08 shekels. The shares have declined 16 percent this month.

Teva Pharmaceutical Industries Ltd. (TEVA IT) climbed 6.7 percent, the most since December 2010, to 156.3 shekels. The stock of the world’s largest generic drug manufacturer began trading on the New York Stock Exchange today.

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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