Tel Aviv Stock Exchange Continues Decline Post-Election
Translated & summarized from Ynet by baba
The Tel Aviv Stock Exchange experienced further declines on Friday, with the TA-35 index down 1.6% and accumulating a 3% drop since the recent Knesset elections. Technology, insurance, and finance sectors led the losses. This follows a volatile week of trading that included significant drops on Wednesday and a partial recovery on Thursday.
The story in 5 lines · by baba
- Tel Aviv Stock Exchange indices fell over 1% on Friday, continuing post-election losses.
- The TA-35 index has dropped approximately 3% since the recent Knesset elections.
- Technology and insurance sectors led the declines on Friday's trading.
- Major stocks like Nova and Tower saw sharp drops of over 7%.
- The market experienced significant volatility throughout the week following the elections.
The Tel Aviv Stock Exchange opened Friday with a decline of over one percent, continuing a downward trend since the recent Knesset elections. The TA-35 index was down 1.6%, the TA-125 by 1.42%, and the TA-90 by 0.83%. Cumulatively, the TA-35 has fallen approximately 3% since the elections.
Leading the day's losses were the technology index, down 2.53%, followed by insurance at 2.56% and finance at 1.51%. Other sectors also saw declines, with banks down 0.65% and real estate by 1.09%.
Among major stocks, Nova experienced a sharp drop of 7.11%, Tower fell 7%, and Camtek decreased by 6.91%. Insurance stocks also traded lower, with Clal Insurance down 1.71%, Harel by 1.4%, and The Phoenix by 1.15%.
These losses follow two days of volatile trading. On the first trading day after the elections, Wednesday, the TA-35 index dropped 1.81%. Broader indices saw steeper declines, with the TA-125 falling 2.46% and the TA-90 by 4.47%. Specific sectors like construction plummeted 8.77%, real estate 6.3%, insurance 5.24%, and banks 4.98%.
Thursday saw a partial recovery, with the TA-35 rising 0.34% and the TA-125 by 0.1%. The banking index gained 0.72%, oil and gas 1.1%, and defense 0.66%, with Elbit Systems surging 3.03%. However, the insurance index continued its decline, dropping 2.36%, with Menora Mivtachim down 2.97%, The Phoenix 2.73%, and Harel 2.06%. The TA-90 index decreased by 0.59% on Thursday.
