Tel Aviv Stock Exchange Awaits Opening After Sharp Declines
Translated & summarized from Calcalist by baba
The Tel Aviv Stock Exchange is poised to open after sharp declines yesterday, with the TA-125 index dropping 2.5% and TA-35 falling 1.8% following election day. Investors are also monitoring drops in New York tech stocks, including Alphabet and Palo Alto Networks, and falling oil prices. In corporate news, Vitanya is nearing a deal to acquire Delek Motors' stake in a real estate project for NIS 562.5 million.
The story in 5 lines · by baba
- Tel Aviv Stock Exchange indexes fell sharply yesterday in response to election day.
- Investors are also reacting to anticipated drops in New York tech stocks like Alphabet.
- Palo Alto Networks stock dropped 6.4% due to disappointing competitor results.
- Oil and gas stocks may decline as crude prices fall.
- Vitanya is in advanced talks to buy Delek Motors' 50% stake in a project for NIS 562.5 million.
The Tel Aviv Stock Exchange is expected to open this morning with hopes of recovering from significant losses experienced yesterday. The TA-125 index fell by 2.5% and the TA-35 index weakened by 1.8% on election day. Investors will also be reacting to anticipated drops in New York tech stocks, with Nasdaq futures currently down 1%. This is partly due to a nearly 10% decline in Alphabet shares in late trading following disappointing earnings reports. More significantly for the local market, Palo Alto Networks stock, part of the TA-45 index, dropped 6.4% in late trading in response to disappointing results from competitor Fortinet, which plummeted 26%. Additionally, oil and gas stocks may see declines due to falling oil prices, with Brent down 1.2% and WTI down 1.6%. The yield on 10-year US Treasury bonds has decreased by 5 basis points to 5%. The yield on 10-year Israeli government bonds stands at 4.15% this morning, following a sharp 8 basis point rise yesterday. In other news, Calcalist reports that Vitanya is in advanced negotiations to acquire Delek Motors' 50% stake in the La Guardia project buildings. Vitanya already holds the remaining 50% and has a right of first refusal on Delek Motors' shares. Delek Motors had received an offer 1.5 months ago from Zachi Abu's ARI Real Estate to purchase its shares for NIS 562.5 million, valuing the project at NIS 1.13 billion.
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