Tel Aviv Stock Exchange Drops 2.4% Amid Global Market Downturn
Translated & summarized from Al-Shams by baba
The Tel Aviv Stock Exchange fell 2.4% on Wednesday, influenced by global market declines and rising bond yields. The insurance sector and chip company stocks experienced sharp drops, with NextVision losing over 22% in two days after Fidelity sold a major stake. Experts attribute the Israeli market's downturn to broader global negative trends, noting its severity locally.
The story in 5 lines · by baba
- Tel Aviv Stock Exchange declined 2.4% on Wednesday due to global market trends.
- Israeli 10-year bond yields rose to 4.166%, impacting market performance.
- NextVision shares plummeted over 22% in two days after a large stake sale by Fidelity.
- The insurance sector and chip company stocks were among the hardest hit on the TASE.
- An investment expert linked the Israeli market's fall to wider global negative market waves.
The Tel Aviv Stock Exchange (TASE) experienced a significant decline of 2.4% on Wednesday, mirroring downturns in global stock markets, particularly in New York and Europe. This drop was exacerbated by a sharp rise in long-term bond yields.
Israeli 10-year bond yields increased by approximately 3 basis points to 4.166%. The TASE's insurance sector index saw a substantial drop of 4.3%, with significant losses also recorded in chip company stocks.
Among the biggest decliners was NextVision, whose shares fell 11.4% on Wednesday, following a 12.7% drop the previous day, resulting in a cumulative loss of about 22.6% over two days. This sharp decline followed Fidelity's sale of most of its stake in the company for approximately 1.3 billion shekels, a transaction executed off-exchange. Fidelity reduced its holding from about 9.5% to nearly 4%.
Shimon Ulial, Head of Investment Department in Israel at Altshuler Shaham Pension and Savings, commented that the Israeli market's declines are part of a broader negative trend in global markets, noting that the severity in Israel was greater. The TASE's retreat occurs amidst wider pressures on international markets and rising bond yields, impacting several key sectors and stocks locally.
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