Tel Aviv Stock Exchange Closes Higher Amid Tech Gains, Oil Stocks Decline

The Tel Aviv Stock Exchange concluded trading with positive results, as the TA-35 index rose by 0.4% and the TA-125 index increased by 0.2%. The technology sector saw significant gains, with the TA-Technology index climbing 1.7%. Notably, NICE Systems surged 9.2% and Tower Semiconductor jumped 8.8%, leading the TA-35 and TA-Technology indices respectively. Palo Alto Networks was a laggard, falling 3.5% at the lower end of the TA-35.

The insurance sector also performed well, with the TA-Insurance index up 1.4%, driven by strong performances from companies like Ayalon (up 5.2%), Clal (up 2.5%), and The Phoenix (up 2.2%). Conversely, the banking sector experienced a downturn, with the TA-Banks index falling 1% and Discount Bank weakening by 1.4% following the cancellation of a deal to sell Cal (credit card company).

Energy stocks, particularly oil and gas, faced pressure due to the continued decline in oil prices. Energean lost 4.1%, Isramco dropped 3.2%, Navitas weakened by 2.6%, and Delek Group fell 1.8%, contributing to a 2.3% drop in the TA-Oil & Gas index. The article also detailed the collapse of the approximately 4 billion shekel deal to sell Cal, as the Israel Competition Authority refused to approve it due to stringent conditions imposed on the buyers, which were rejected by George Horesh.

Earlier in the trading day, the market opened with strong gains, influenced by a rally in technology stocks on Wall Street, particularly those related to artificial intelligence. Tower Semiconductor saw a significant pre-market boost of 7.8% due to arbitrage differences. Other tech stocks like Kamatech and Nova also showed positive movement. Mega Or, a real estate company developing data centers, also benefited from the AI stock surge.