Tel Aviv Stock Exchange Ends Hebrew Year with Strong Gains Amid Global Declines
The Tel Aviv Stock Exchange is set to close the Hebrew trading year, Tav Shin Vav (5786), on a high note, despite overnight losses on Wall Street. The Israeli market will observe an early close today and will be shut tomorrow for Rosh Hashanah, the Jewish New Year. Throughout Tav Shin Vav, the Tel Aviv 35 index surged by 43%, and the Tel Aviv 125 index climbed 38%, indicating a favorable year for local investors.
Globally, the Dow Jones Industrial Average fell by 0.8%, the S&P 500 declined 0.6%, and the Nasdaq Composite dropped 0.5% in the previous trading session. In contrast, oil prices rose over 3%, with Brent crude surpassing $101 per barrel. The yield on 10-year US Treasury bonds increased by 5 basis points to 4.85%, while the yield on 10-year Israeli government bonds stood at 3.94% this morning.
Yesterday's trading on the Tel Aviv Stock Exchange saw minor declines, with the Tel Aviv 35 index down 0.1% and the Tel Aviv 125 index down 0.2%. The banking sector showed resilience, with the Tel Aviv Banks index gaining 0.2%, while the real estate sector lagged, with the Tel Aviv Real Estate index falling 1.3%. The oil and gas sector performed strongly, with the Tel Aviv Oil & Gas index jumping 2.4%.
Notable stock movements included Altshuler Shaham, which soared 14.6% following confirmation of reports that its owners are considering a sale. Energean jumped 9% after reporting profit growth in its financial statements. Other energy stocks also saw gains, with Navitas Petroleum and Tamar Petroleum rising 2.2%, Delek Group up 2%, and Ratio strengthening by 1.7%.
