Tel Aviv Stocks Plunge 2.4% Amid Hormuz Tensions and Global Sell-Off
Tel Aviv indices dropped sharply amid global sell-offs and Hormuz tensions. TA-35 fell 2.44% to 4,096.45 points, while Next Vision and Priortech led market decliners.
Tel Aviv Stock Exchange Plunges Amid Global Sell-Off and Strait of Hormuz Tensions
Amid mounting tensions in the Strait of Hormuz, global market declines, and surging bond yields, the Tel Aviv Stock Exchange recorded a sharp downturn on Tuesday. Security, insurance, and technology sectors led the losses, with companies like Next Vision and Priortech taking a severe hit.
The research unit of the Tel Aviv Stock Exchange summarized an exceptionally negative trading day on Ahad Ha'Am Street, marked by steep across-the-board drops. The local market turmoil was fueled by negative trends on US and global exchanges, sharp rises in government bond yields, and dramatic security reports regarding Iran's announcement of a military operation to close shipping lanes in the Strait of Hormuz.
Benchmark Indices and Market Turnover
Consequently, key local indices recorded their worst trading day since early June. The TA-35 index dropped by 2.44% to close at 4,096.45 points, while the TA-125 index weakened by 2.38% to settle at 3,932.42 points. Total trading volume in the equities market was exceptionally active, reaching approximately 5 billion shekels. Bond market turnover stood at around 6.6 billion shekels, with an additional 3.5 billion shekels traded in short-term bills (Makam).
"The local market turmoil was fueled by negative trends on US and global exchanges, sharp rises in government bond yields, and dramatic security reports regarding Iran's announcement of a military operation."
Top Gainers and Decliners
Leading the gaining side of the trading day was Danya Cebus, which rose by 3.45% to a price of 9,600 agorot on a trading volume of approximately 7.88 million shekels. Cellcom followed in second place, climbing 2.57% to 3,469 agorot. Conversely, the decliners' table was led by Next Vision, which registered a steep drop of 11.39% to 18,900 agorot, amassing a massive trading volume of roughly 265.97 million shekels and bringing its two-day plunge to about 23%. Priortech closely followed, diving 11.37% to 26,590 agorot.
In the foreign exchange market, the US dollar was set at 3.0740 shekels, the euro at 3.4361 shekels, and the British pound was traded at 4.0591 shekels.
