Tel Aviv shares reverse early gains as U.S.-Iran deal hopes fade
Trading on the Tel Aviv Stock Exchange opened higher on Wednesday morning after reports of a developing agreement between the United States and Iran, but the early optimism quickly disappeared. By midday, the main indexes had erased their gains and moved into sharp losses, according to a Maako report.
At 14:37, the TA-35 was down about 1%, the TA-90 had fallen 1.9%, and the TA-125 was off 1.2%. The selling was especially visible in defense stocks, including Elbit Systems and Aerodrom Group, which were already weak from the start of trading. Market participants said the possible deal could reduce expectations for strong demand for defense equipment.
Insurance shares also came under pressure, with Harel, Migdal, Menora and Clal all weakening amid the broader market decline. Bank stocks likewise moved into negative territory.
In foreign exchange trading, the dollar weakened overnight on the same reports and fell to 2.88 shekels at the start of continuous trading. It later recovered slightly and was trading around 2.91 shekels.
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