Tel Aviv Stock Exchange Recovers Most of Thursday's Losses
Translated & summarized from Maariv by baba
The Tel Aviv Stock Exchange recovered most of Thursday's sharp losses on Friday, with the TA-35 index rising 3.09% and bank stocks leading the gains. Despite the rebound, the TA-35 remained about 0.7% below its level before Thursday's 3.69% drop. Trading volume was lower than the previous day, which saw unusual activity due to index rebalancing. Investor sentiment is now looking towards U.S. markets, with futures suggesting a strong opening on Wall Street.
The story in 6 lines · by baba
- Tel Aviv Stock Exchange's TA-35 index rose 3.09% on Friday, recovering from Thursday's fall.
- Bank and insurance stocks led the market's recovery, with TA-Banks-5 up 4.52%.
- Despite Friday's gains, the TA-35 index remained 0.7% below its pre-Thursday level.
- Trading volume on Friday was 4.1 billion shekels, significantly lower than Thursday's 19.4 billion.
- New index compositions, including El Al and Doral Energy in TA-35, were traded for the first time.
- U.S. market futures suggest a strong opening on Wall Street, influencing Monday's trading.
The Tel Aviv Stock Exchange saw a significant recovery on Friday, with the TA-35 index climbing 3.09% and bank and insurance stocks leading the gains. Despite the rebound, the market did not fully erase the previous day's sharp decline. The TA-35 index, which fell 3.69% on Thursday, remained about 0.7% below its level prior to that drop. Similarly, the TA-125 index, down 3.38% on Thursday, was also approximately 0.7% lower over the two trading days.
The TA-Banks-5 index surged 4.52%, the TA-Insurance index rose 3.98%, and the TA-Construction index strengthened by 3.41%. Conversely, the TA-Cleantech index decreased by 0.58%, and the TA-Biomed index weakened by 0.49%. Among the TA-125 stocks, Lahav stood out with a 9.06% increase, and RP Optical added 8.07%. On the downside, Avisaror fell 10.76%, Nofar Energy lost 6.77%, and Econergy dropped 4.27%.
Trading volume in stocks totaled approximately 4.1 billion shekels on the shortened trading day. This contrasts with the previous day's volume of about 19.4 billion shekels, which was influenced by the semi-annual index rebalancing. The new index compositions, including El Al and Doral Energy joining the TA-35, were traded for the first time on Friday.
In currency markets, the dollar traded around 3.20 shekels, and the euro was near 3.57 shekels. Attention is now focused on U.S. markets, as the Nasdaq plummeted nearly 5.5% on Thursday, with declines spreading to Asia on Friday morning. While U.S. markets had not yet opened, Nasdaq futures indicated expectations for a significant rise. The Stock Exchange's research unit anticipates that the trend in Wall Street will heavily influence investor sentiment in Tel Aviv when the new trading week begins on Monday.
