Israeli Markets Await Opening After Mixed Global Performance
Translated & summarized from Calcalist by baba
Israeli energy firms are under review for control permits of the Ashdod Refinery due to a proposed gas distribution sale aimed at resolving cross-holdings. Global markets saw mixed results, with Asian exchanges rising and the Dow Jones up yesterday. The Tel Aviv Stock Exchange closed higher Tuesday, led by construction stocks, while chip stocks declined.
The story in 5 lines · by baba
- Israeli energy firms face permit review for Ashdod Refinery amid gas distribution sale.
- The sale aims to resolve prohibited cross-holdings between gas distribution and the refinery.
- The Ministry of Energy and Finance want the Concentration Committee to review the issue before elections.
- Global markets showed mixed performance, with Asian exchanges rising and the Dow Jones up.
- The Tel Aviv Stock Exchange closed higher Tuesday, driven by construction stocks.
Israeli energy companies are facing renewed scrutiny over control permits for the Ashdod Refinery (Baze'a) amidst a proposed sale of gas distribution operations to Energy Golan Hazani. The Ministry of Energy and the Ministry of Finance, which previously opposed the permit in July, have asked the Concentration Committee to review the matter before the upcoming elections. The sale is intended to resolve prohibited cross-holdings between the gas distribution business and the refinery.
Meanwhile, global markets showed mixed results. Tokyo and Seoul stock exchanges saw gains this morning, following a 1% rise in the Dow Jones Industrial Average yesterday. The Tel Aviv Stock Exchange closed positively on Tuesday, with the TA-35 index up 0.2% and the TA-125 index gaining 0.5%. While chip stocks weighed on the market, construction stocks performed strongly, with the sector index jumping 3.2%. Notably, Ein Shlishit announced a $40 million partnership with a U.S. company, causing its stock to surge 13.3%.
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