Photo: Tel Aviv Stock Exchange building lobby / Yaniv Morozovsky, Wikimedia Commons / CC BY-SA 4.0
Tel Aviv stocks fell sharply in Thursday morning trading, with defense and technology shares leading the decline, Globes reported as of 10:25 a.m. Israel time.
The TA-35 index was down about 1.6% and the TA-90 about 1.1%, while the defense and technology indexes each fell more than 2% and the bank index was close to 2% lower. El Al shares were falling after the airline reported earnings at 10:00 a.m., the report said.
The drop in Israeli defense stocks matched losses in defense companies globally, as investors weighed whether a Democratic Congress could limit or slow U.S. defense spending. Chip and technology shares fell after Wall Street’s semiconductor selloff on concerns the new Congress could move to restrict data centers and AI infrastructure.
The TA-35 closed Thursday down 3.69%, completing a two-day drop of about 5.6%, and the TA-125 lost 3.38%. Thursday morning figures were intraday moves. The declines follow a two-year rally in Israeli defense stocks and come as dual-listed companies weighed on trading. Thursday’s equity turnover reached about NIS 19.4 billion, the second-highest of the past decade, which Maariv attributed to index rebalancing as index and tracking funds adjusted their holdings.
Tel Aviv stocks rebounded Friday morning despite the global tech selloff: as of 11:00 a.m. Israel time (4:00 a.m. ET), the TA-35 was up about 2.1%, the TA-125 up 2% and the TA-90 up 1.8%, recouping part of the prior two days’ losses. The shekel also firmed slightly, with the dollar down about 0.4% at around NIS 3.19 as of 11:00 a.m. These Friday figures are intraday moves as of that time, not closing prices.
JBizNews Desk | Tel Aviv
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