Tel Aviv Stock Exchange Ends Mixed as Tech Soars and Oil Dives

The Tel Aviv Stock Exchange concluded trading with mixed results on Sunday, as the TA-35 index rose approximately 0.4% and the TA-90 index fell by about 0.3%. The technology sector led the gains, climbing around 1.8%, with notable increases in dual-listed chip stocks like Tower Semiconductor, Nova, and Camtek. These stocks benefited from positive arbitrage gaps from Wall Street, where AI stocks experienced a significant rally. The insurance index also performed well, up by about 1.3%.

Conversely, the TA-Oil and Gas index saw the steepest decline, dropping approximately 2.3%. This downturn was attributed to a global fall in oil prices, with Brent crude falling below $100 per barrel. Reports suggesting Iran might reopen the Strait of Hormuz within seven days, contingent on sanctions relief, initially impacted prices, though Iran's Fars news agency later denied these reports. The infrastructure and banking indices also closed lower, down by about 1.3% and 1% respectively.

Individually, Nice, a software company, was the strongest performer on the TA-125 index, jumping over 9%. Tamar Petroleum was the weakest, losing more than 4%. The total trading volume reached approximately 4.28 billion shekels.

In other market news, the value of foreign investors' holdings in the Tel Aviv Stock Exchange reached a record high of about $154 billion at the end of June, a 6% increase from the previous quarter. The stock exchange noted that foreign investors maintain record exposure to the Israeli capital market, partly due to the adjustment of the trading week to align with international markets, enhancing accessibility for global investors.

Additionally, AirRangee Tech announced an expansion of its private investment round, increasing the allocation by approximately 28.65 million shekels to a total of about 71.35 million shekels. The company also stated that Sharon Mahat, a partner at Hagej Europe, is joining as a significant investor.