Tel Aviv Stock Exchange Plunges Amid Global Tensions and Rising Bond Yields
Translated & summarized from Ice by baba
The Tel Aviv Stock Exchange saw a sharp decline on Tuesday, with the TA-35 and TA-125 indices falling significantly due to global market trends, rising bond yields, and tensions in the Strait of Hormuz. NextVision and PriorTech were among the hardest-hit stocks, while Danya Cebus and Cellcom posted gains. Bond markets also experienced drops, and overall trading volumes were substantial.
The story in 6 lines · by baba
- Tel Aviv Stock Exchange indices TA-35 and TA-125 suffered their worst day since June.
- Global market slumps, rising bond yields, and Strait of Hormuz tensions contributed to the decline.
- NextVision stock plunged 11.39%, part of a 23% drop over two days.
- Security, insurance, and technology sectors led the market's fall.
- Danya Cebus and Cellcom were among the few stocks that saw significant gains.
- Bond markets also experienced price drops, leading to increased yields.
The Tel Aviv Stock Exchange experienced a sharp decline on Tuesday, with major indices TA-35 and TA-125 recording their worst trading day since early June. The downturn was attributed to a combination of factors, including global market slumps, a significant rise in bond yields, and dramatic security reports of Iran announcing a military operation to close shipping lanes in the Strait of Hormuz, which the US had opened.
The security, insurance, and technology sectors led the market's fall. The TA-35 index dropped by 2.44% to close at 4,096.45 points, while the TA-125 index weakened by 2.38% to 3,932.42 points. The declines intensified throughout the trading day.
Among the day's biggest losers was NextVision, whose stock plummeted by 11.39% to 18,900 agorot, accumulating a massive trading volume of approximately 265.97 million shekels. The company's stock has fallen about 23% in the last two days. PriorTech also saw a significant drop of 11.37%, closing at 26,590 agorot.
Other notable decliners included Opto Health, down 9.00%, Camtek, down 7.58%, and Wishore Globaltech, down 6.28%.
On the upside, Danya Cebus shares rose by 3.45% to 9,600 agorot, followed by Cellcom, which climbed 2.57% to 3,469 agorot, and OPC Energy, up 2.56% to 9,230 agorot. Gilat and Villar also saw gains.
Bond markets also experienced notable price drops, leading to increased yields on Israeli government bonds. The Tel-Gov General and Tel-Gov Shekel indices fell by 0.17% each, while Tel-Gov Linked bonds weakened by 0.23%. Corporate bonds also declined.
Total trading volume in the stock market reached approximately 5 billion shekels, with bond market trading at about 6.6 billion shekels and Treasury bills (Mak'am) trading at an additional 3.5 billion shekels. The US dollar was set at 3.0740 shekels, the Euro at 3.4361 shekels, and the British Pound at 4.0591 shekels.
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