Tel Aviv Stock Exchange Sees Mixed Trading Amid Index Rebalancing
The Tel Aviv Stock Exchange closed with mixed results, as the TA-35 index rose 0.34% and the TA-125 index added 0.1%, while the TA-90 index fell 0.59%. The market is anticipating index rebalancing next Thursday, which will see El Al and Doral Energy join the TA-35. Gilat shares surged 5.57%, while Palo Alto Networks dropped 6.45%. Total stock market turnover reached approximately 4.6 billion shekels.
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- Tel Aviv Stock Exchange indices closed mixed, with TA-35 up 0.34% and TA-90 down 0.59%.
- El Al and Doral Energy shares will join the TA-35 index in an upcoming rebalancing.
- Gilat shares led the gains, surging 5.57% on significant trading volume.
- Palo Alto Networks shares experienced the largest drop, falling 6.45%.
- The technology sector's weight in the TA-35 index is expected to increase to about 32.2%.
- Total stock market turnover for the day was approximately 4.6 billion shekels.
The Tel Aviv Stock Exchange concluded trading with mixed results. The TA-35 index rose by 0.34% to 4,144.4 points, and the TA-125 index gained 0.1% to 4,010.89 points. Conversely, the TA-90 index declined by 0.59%.
The market's focus was on the upcoming rebalancing of stock indices, effective next Thursday, November 5th. El Al and Doral Energy shares will be added to the TA-35 index, while Damri, Shufersal, and Cannon will move to the TA-90 index. The technology sector's weight in the TA-35 index is expected to increase to approximately 32.2%.
Research units at the exchange anticipate that adjustments by exchange-traded funds and tracking products could lead to a trading turnover of around 18 billion shekels on the rebalancing day, nearly four times the daily average for the year. Gilat led the gains, soaring 5.57% to 2,522 agorot on a turnover of about 15.7 million shekels. Other notable gainers included Israel Canada, Aura, Doral Energy, and Cannon.
Palo Alto Networks experienced the sharpest decline, dropping 6.45% to 116,200 agorot with a significant turnover of approximately 118.1 million shekels. Africa Israel Residences, Electra Real Estate, Meitav Investments, and Ayalon also saw substantial drops.
Sectoral indices presented a divided picture, with TA-Biomed leading gains at 1.59% and TA-Oil & Gas up 1.1%. However, TA-Insurance fell 2.36%, TA-Overseas Income lost 1.6%, and TA-Food dropped 1.51%. Technology-related indices like TA-Software and TA-Information Technology and Communications each decreased by 1.31%.
Total stock market turnover was approximately 4.6 billion shekels. The bond market saw a turnover of about 8.5 billion shekels, with government bonds showing stability and a slight upward trend. Corporate bonds were mixed. The dollar was set at 3.1140 shekels, the euro at 3.4718 shekels, and the pound at 4.1503 shekels. Meanwhile, Wall Street trading was down, led by technology stocks, despite positive US economic data.
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