Tel Aviv Stock Exchange Rises 1.8%, Outperforming Global Tech Weakness
Translated & summarized from Ice by baba
The Tel Aviv Stock Exchange closed higher on Tuesday, with the TA-125 index gaining 1.8%, defying global trends of tech stock weakness. Electra Real Estate was a top performer, surging 8.7%. Local tech stocks, however, mirrored international declines, with Camtek down 4.16%. Bond markets also saw gains, and trading volumes were substantial in both stocks and bonds.
The story in 5 lines · by baba
- The Tel Aviv Stock Exchange's TA-125 index rose 1.8% on Tuesday, bucking global tech stock declines.
- Electra Real Estate was the top-performing stock, surging 8.7% on the Tel Aviv exchange.
- Local technology stocks, including Camtek and Gilat, mirrored international weakness, falling between 1.82% and 4.16%.
- Asian markets experienced sharp declines, with South Korea's KOSPI index dropping 5.5%.
- Bond markets in Tel Aviv also saw gains, with the general index up 0.17%.
The Tel Aviv Stock Exchange concluded its trading day with gains, bucking a negative trend in Asian markets and weakness in global technology and chip stocks. The TA-35 index strengthened by 1.67%, while the TA-125 index rose by 1.8%. Among the stocks within the TA-125 index, Electra Real Estate stood out with an 8.7% surge. Navitas Petroleum climbed 6.67%, the Stock Exchange's own stock gained 5.51%, Meitav Investments added 4.77%, and Delek Group rose 4.63%. These gains occurred against the backdrop of a positive trading day for the leading indices.
Conversely, technology stocks experienced declines. Camtek lost 4.16%, Gilat fell 3.8%, Nayax weakened by 1.82%, and Tower Semiconductor retreated 1.75%. Cellcom's stock also ended the day down 1.99%. The trend in local tech stocks mirrored the weakness seen in the sector on international markets.
Trading volume in stocks totaled approximately 4.5 billion shekels. In the bond market, trading volume reached about 5.4 billion shekels, with government bonds (makam) trading at around 2.2 billion shekels. Bond markets also saw increases, with the Tel Bond General index strengthening by 0.17%, the Tel Bond Shekel index rising 0.23%, and the Tel Bond Indexed index adding 0.13%. Corporate bonds also saw gains, with the Tel Bond Shekel index up 0.25% and the Tel Bond Indexed index strengthening by 0.14%.
Globally, Wall Street experienced mixed trading, with the Dow Jones rising due to strong reports from Goldman Sachs, while tech and chip stocks faced pressure. Concerns over increased competition from China in memory chips and high valuations for AI companies contributed to the sector's weakness. Asian markets saw sharp declines, with South Korea's KOSPI index dropping about 5.5%. Samsung and SK Hynix shares lost approximately 7.4% and 10.1%, respectively. Investors are awaiting US inflation data later in the week, which could influence market trading.
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