Tel Aviv Stock Exchange Closes Week With Losses, Tech Stocks Lead Declines
Translated & summarized from Calcalist by baba
The Tel Aviv Stock Exchange ended the trading week with losses on Thursday, with the TA-125 index falling 1% and the TA-35 index down 0.9%. The TA Cleantech index led the declines, dropping 2.3%, while Nofar Energy and Finenergy were among the biggest losers. The downturn occurred amid rising U.S. bond yields, with the 10-year Treasury yield reaching 5.12%. Mimon Direct reported a 26% drop in quarterly net profit.
The story in 5 lines · by baba
- Tel Aviv Stock Exchange indices closed the week with losses, led by the TA-35 and TA-125.
- The TA Cleantech index saw the steepest decline, losing 2.3% on Thursday.
- Nofar Energy, Finenergy, and Doral were among the top decliners in the cleantech sector.
- U.S. government bond yields continued to rise, impacting market sentiment.
- Mimon Direct reported a 26% decrease in third-quarter net profit.
The Tel Aviv Stock Exchange concluded the trading week with significant declines on Thursday, as major indices shed value. The TA-35 index fell by 0.9%, and the TA-125 index dropped by 1%. The TA Insurance index was particularly hard hit, weakening by 1.9%.
The downturn was largely driven by a notable slump in the TA Cleantech index, which lost 2.3%. Within this sector, Nofar Energy saw a 5.6% decrease, Finenergy dropped 4.6%, and Doral retreated 4.5%. Azrieli Group also contributed to the decline, weakening by 3.6% and closing at the bottom of the TA-35 index.
Conversely, Palo Alto Networks was a bright spot, rising 4.5% and leading gains among stocks in the main indices. The market experienced fluctuations throughout the day, with indices showing slight gains at the opening before succumbing to broader downward pressure.
These declines occurred against a backdrop of rising U.S. government bond yields. The 10-year U.S. Treasury yield jumped 13 basis points to 5.12%, while the 2-year yield, more sensitive to Federal Reserve policy, climbed 15 basis points to 4.88%. The 30-year yield rose 10 basis points to 5.44%.
In corporate news, Mimon Direct reported a 26% decrease in net profit for the third quarter, reaching 49.3 million shekels, compared to 66.7 million shekels in the same period last year. The company's financing revenues also fell by 9% to 442.5 million shekels.
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