Tel Aviv Stock Exchange Rebalances Indices Amid Global Market Fluctuations
Translated & summarized from Calcalist by baba
The Tel Aviv Stock Exchange is set to open after El Al Airlines' stock surge led to its inclusion in the TA-35 index, alongside Doral. The changes, effective November 5, will see ETFs trade an estimated 10 billion shekels in stocks under new volatility-dampening rules. Yesterday, major indices weakened slightly, though banking and real estate sectors advanced, while chip stocks fell sharply.
The story in 5 lines · by baba
- El Al Airlines and Doral were added to the TA-35 index following a stock surge.
- New regulations aim to moderate volatility as ETFs prepare to trade 10 billion shekels.
- Yesterday, the TA-35 and TA-125 indices closed down 0.2%, while banking and real estate rose.
- Semiconductor stocks, including Tower, declined sharply, mirroring global market trends.
- Elbit Systems jumped 5.4%, extending its recent winning streak.
The Tel Aviv Stock Exchange (TASE) is preparing for its opening following positive trends in New York and index updates in Tel Aviv. El Al Airlines' stock surged, securing its last-minute inclusion in the flagship TA-35 index alongside Doral, driven by an attempted attack on a Flydubai flight. Meanwhile, Demry, Shufersal, and Cannon will move to the TA-90 index. These changes, effective November 5, are expected to trigger significant trading by exchange-traded funds (ETFs), with an estimated 10 billion shekels in stock purchases and sales. This rebalancing occurs under new regulations designed to moderate market volatility. Yesterday, the TA-35 and TA-125 indices closed down 0.2%, despite opening with a 1% decline. The banking sector index rose 1.3%, and the real estate index gained 1.8%. Semiconductor stocks experienced sharp declines, mirroring global trends, with Tower Semiconductor losing 7.6%. Conversely, Elbit Systems saw a significant jump of 5.4%, marking its fourth consecutive day of gains and a total increase of 13.2% over the period. The markets in New York closed positively, and Asian markets showed recovery this morning in Seoul and Tokyo.
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