Israeli Stocks Face Mixed Opening Amid Global Gains and Dollar Dip
Translated & summarized from Bizportal by baba
Israeli dual-listed stocks are poised for a negative opening, with Tower Semiconductor expected to fall significantly after an 8.3% drop on Wall Street. The dollar is also declining against the shekel. However, positive movements in Asian markets and U.S. futures may mitigate losses on the Tel Aviv Stock Exchange.
The story in 5 lines · by baba
- Israeli dual-listed stocks are expected to open with a 0.6% negative gap.
- Tower Semiconductor shares dropped 8.3% on Wall Street without a clear reason.
- The dollar is trading lower against the shekel, down 0.3%.
- Asian markets and Wall Street futures are showing positive gains.
- Teva Pharmaceutical Industries also experienced a decline on Wall Street.
Israeli dual-listed stocks are expected to open with a significant negative gap of approximately 0.6% on Tuesday. This follows a mixed performance on Wall Street, with Tower Semiconductor experiencing a sharp decline. The dollar is also trading lower against the shekel, down 0.3% and nearing 3.09 shekels per dollar. However, positive trends in Asian markets and futures on Wall Street may temper the expected drops on the Tel Aviv Stock Exchange (TASE).
Tower Semiconductor fell 8.3% on Monday in New York, closing at $183.80 without a clear catalyst. One possibility discussed is the market reassessing its agreement with Synaptics. The company is anticipated to open lower on the TASE, with potential softening of losses influenced by Asian semiconductor sector gains.
In other news, Teva Pharmaceutical Industries saw a 1.1% decrease in New York, closing at $40.85. A weak opening is also predicted for Teva on the TASE. Meanwhile, global markets show strength, with Asian indices rising and Wall Street futures trading in positive territory. Nasdaq futures are up 0.7%, and S&P 500 futures are up 0.3%.
Dual-listed stocks showed a recovery towards the end of trading on Monday, with construction companies surging. Amot Investments rose 3%, Amiram 7%, and Eretz 6%. Conversely, Palo Alto Networks lost 6% on the TASE, while Aerodrom jumped 15% and Eretz gained 9%.
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