June 6 (Bloomberg) -- Israel’s TA-25 index advanced for a third day, gaining 1.3 percent to 1,069.64 at the close in Tel Aviv. Investors traded about 1.02 billion shekels ($262 million) of shares and convertible securities, according to bourse data.
The following stocks rose or fell today. Symbols are in parentheses.
Africa-Israel Investments Ltd. (AFIL IT) increased 3.7 percent, the most since April 8, to 12.35 shekels. The holding company said it increased its stake in a real estate unit.
Alvarion Ltd. (ALVR IT) advanced 3.9 percent, the biggest gain since May 21, to 1.938 shekels. The developer of wireless access systems said it will cut costs, including reducing wages and headcount.
Bezeq Israeli Telecommunication Corp. (BEZQ IT) rose 1.9 percent to 4.86 shekels, the highest close since May 31. Israel’s largest fixed-line operator trades at 6.43 times estimated earnings, after falling 22 percent in May. That compares with an average 12.1 times for the MSCI World Telecom Services Index.
Internet Gold-Golden Lines Ltd. (IGLD IT), which owns a stake in Bezeq via its B Communications Ltd. (BCOM IT) unit, jumped 9.2 percent to 13.55 shekels. B Communications, owner of a 31 percent interest in Bezeq, rose 4.4 percent.
Discount Investment Corp. (DISI IT) advanced 2.8 percent to 8.474 shekels, the highest level since May 29. Globes reported that the holding company is seeking to sell its stake in Ham-Let Ltd. (HAML IT). Ham-Let shares rallied 6.9 percent.
Kardan NV (KRNV IT) jumped 15.4 percent, the most since April 2009, to 2.707 shekels. The Amsterdam-based company’s stock slumped 56 percent in May. “Some investors feel the share is cheap,” said Noam Pincu, an analyst at Psagot Investment House Ltd. in Tel Aviv.
Suny Electronics Ltd. (SUNY IT) gained for a second day, rising 3.6 percent to 7.58 shekels. The importer of Samsung mobile phones yesterday agreed to sell a 75 percent stake in Scailex Corp. (SCIX IT) to a group including Hutchison Whampoa Ltd. for $125 million. Scailex declined 2.1 percent after its rating was lowered at Standard & Poor’s Maalot with a negative outlook.
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