Tel Aviv Stock Exchange Surges 4% Weekly Amid Sector Gains

The Tel Aviv Stock Exchange (TASE) concluded the week with a significant 4% surge, driven by strong performance across several key sectors. On Thursday, the TA 35 index rose 1.6%, the TA 90 climbed 1.9%, and the TA 125 increased by 1.7%. Notable gains were seen in the insurance, real estate, clean energy, infrastructure, and technology sectors, particularly in semiconductors.

This weekly advance followed positive trends on Wall Street the previous evening and a recovery in Asian markets on Thursday. The yield on 10-year Israeli government bonds decreased by 3 basis points to 4.02%.

Looking at specific sectors over the week, the construction index soared by 9.7%, the TA 90 gained 5.1%, and defense stocks jumped 6.2%. Individual company performances included Elbit Systems up 14.1%, Big up 13.3%, and Electra Real Estate up 30.2%.

In Thursday's trading, renewable energy, technology, and insurance sectors each rose by approximately 2.7-2.8%, while real estate climbed 2.5%. The banking and biomedical sectors showed little movement.

Within the leading indices, Enlight surged 6.6% to lead the TA 35, while ICL fell 1.4%. In the TA 90, Nofar jumped 6.3%, with Electra Real Estate declining 2.9%.

Further strengthening the market, insurance stocks saw significant increases, with Menora up 4.8% and Migdal up 4.4%. The yield on 10-year Israeli bonds continued its downward trend, approaching 4%.

In a significant index rebalancing, El Al and Doral are set to join the TA 35 index in the coming weeks, following their recent strong performances. El Al's stock saw a surge attributed to an attempted attack on a Flydubai flight. Conversely, Damri, Shufersal, and Canon will move from the TA 35 to the TA 90, though they also experienced gains on Thursday. The index rebalancing is expected to involve significant trading by exchange-traded funds.