Tel Aviv Stock Exchange Closes Higher on Construction and Biomed Gains
Translated & summarized from 0404 by baba
The Tel Aviv Stock Exchange closed Tuesday with minor gains, led by the construction and biomedical sectors, despite a weak opening influenced by Asian chip market declines. The TA-35 index rose 0.01% to 1,909.88 points. The Ministry of Finance raised approximately 2.8 billion shekels through a successful government bond issuance that saw high demand. Trading volumes were robust, with stocks at 4.0 billion shekels and bonds at 4.1 billion shekels.
The story in 5 lines · by baba
- Tel Aviv Stock Exchange closed Tuesday with slight gains after a weak opening.
- Construction and biomedical sectors led the market gains on Tuesday.
- The Ministry of Finance raised approximately 2.8 billion shekels in a government bond issuance.
- Demand for the government bonds was strong, with a coverage ratio of 5.1.
- Stock trading volume reached about 4.0 billion shekels, with bonds at 4.1 billion shekels.
The Tel Aviv Stock Exchange concluded Tuesday's trading session with modest gains, recovering from a weak opening influenced by a significant drop in Asian chip stocks. The TA-35 index saw a slight increase of 0.01%, the TA-90 rose by 0.23%, and the TA-125 index climbed 0.08%. Total trading volume in stocks reached approximately 4.0 billion shekels, with bonds at about 4.1 billion shekels and short-term government debt (Mak"m) at 1.1 billion shekels.
Sector-wise, construction and biomedical stocks led the market. The TA-Construction index surged 1.93%, TA-Biomed rose 1.51%, TA-Cleantech gained 1.50%, TA-Food increased by 1.41%, and TA-Real Estate-35 added 1.36%. Conversely, technology and finance indices experienced declines, with TA-Communications and Information Technology falling 1.36%, TA-Insurance down 0.72%, and TA-Technology decreasing by 0.52%.
Among the top performers in the TA-125 index were Electra Real Estate, up nearly 8.9%, and Lahav, which rose about 7.6%. On the downside, Bazan plummeted by approximately 7.4%, and Gilat fell by 7.2%.
The Ministry of Finance successfully issued government bonds totaling around 2.8 billion shekels across six series. The offering attracted strong demand, with a total coverage ratio of about 5.1, a significant increase from the previous issuance's 3.6. Auction prices remained close to market levels, aided by favorable conditions including the Columbus Day holiday and the closure of the US bond market, which facilitated the issuance on relatively advantageous terms.
The local bond market closed stable, with the general Tel-Bond index unchanged, the shekel-linked Tel-Bond down 0.03%, and the shekel-indexed Tel-Bond up 0.03%. In currency trading, the dollar was around 3.078 shekels, the euro near 3.442 shekels, and the pound sterling at about 4.074 shekels. Wall Street began the week with anticipation for the September Consumer Price Index report and the start of the major banks' earnings season.
