Tel Aviv Stock Exchange to Open Amid Global Tech Stock Declines
Translated & summarized from Ice by baba
The Tel Aviv Stock Exchange will have a shortened trading day Friday, influenced by significant drops in global technology stocks. Major Asian markets saw steep declines, particularly in tech and chip stocks, following Alphabet's sharp fall on Wall Street due to AI investment concerns. Despite mixed results on US markets, the TASE is expected to open with a slight negative bias, with specific arbitrage stocks showing varied impacts.
The story in 5 lines · by baba
- Tel Aviv Stock Exchange to hold shortened trading day Friday amid global tech stock declines.
- Asian tech stocks plunged, led by chipmakers, following Alphabet's sharp drop on Wall Street.
- Alphabet shares fell 12.6% due to earnings and concerns over AI investment returns.
- Wall Street closed mixed Thursday; Nasdaq and S&P 500 declined, while Russell 2000 rose.
- OPC Energy announced $825 million in financing for power stations and a planned distribution.
The Tel Aviv Stock Exchange (TASE) will hold a shortened trading day on Friday, closing at 2:00 PM. On Thursday, the TA-35 index rose 0.34% and the TA-125 added 0.10%, while the TA-90 fell 0.59%. Arbitrage shares are expected to begin Friday's trading with a slight theoretical negative impact of 0.07% on the TA-35 index. Among arbitrage stocks, Tower is anticipated to see a negative gap of 2.44%, Nova a negative gap of 1.91%, and Teva a positive gap of 1.55%.
OPC Energy's stock rose 2.83% on Thursday on a trading volume of NIS 31.66 million. The company announced $825 million in financing for CPV power stations, primarily for debt refinancing, including a planned distribution of approximately $130 million to CPV.
Globally, Wall Street closed mixed on Thursday, with the Nasdaq down 1.4%, the S&P 500 down 0.3%, and the Dow Jones down 0.3%. The Russell 2000, however, gained 1%. Alphabet shares plummeted 12.6% following its earnings report and concerns over the return on massive artificial intelligence investments.
Asian technology stocks experienced sharp declines, mirroring the drop in Alphabet shares and growing worries about the scale of AI investments. Japan's Nikkei index lost about 2.6%, and South Korea's Kospi index plunged around 5.4%, led by chip stocks. Samsung and SK Hynix saw decreases amid fears that tech giants' substantial expenditures may not quickly translate into profits. Conversely, Hong Kong's Hang Seng index rose about 1.2%, while Shanghai's index fell approximately 0.9%. Australia's market saw gains of about 0.5%. Investors are also monitoring the Bank of Japan's decision to maintain its interest rate at 1.25%, as expected.
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