finance
Tel Aviv Stock Exchange indices rise as banks lead gains
The Tel Aviv 35 Index and Tel Aviv 125 Index both recorded increases with banking shares contributing to the movement.
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The Tel Aviv Stock Exchange rose sharply on Wednesday, with banking shares leading the gains, according to Globes. The Tel Aviv 35 Index climbed 2.69% to 4,196.09 points, while the Tel Aviv 125 Index rose 2.61% to 4,127.49 points and the BlueTech Global Index gained 2.01% to 672.92 points. The TelBond 60 corporate bond index edged up 0.07% to 428.39 points.
Turnover was heavy, totalling NIS 5.32 billion in equities and NIS 3.34 billion in bonds. On the foreign-exchange market, the representative shekel-dollar rate was set 0.663% lower than Tuesday at NIS 2.995 to the dollar, while the representative shekel-euro rate eased 0.460% to NIS 3.42 to the euro.
The Banks Index rose 5.2% in what Globes described as a sharp correction. Bank Leumi led the market with a 5.50% gain on the day's biggest trading turnover, while Bank Hapoalim rose 4.67%. Mizrahi Tefahot Bank advanced 5.64%, Israel Discount Bank climbed 5.5% and First International Bank of Israel gained 4.5%.
Beyond the banks, Mega Or Holdings posted the biggest rise on the Tel Aviv 35 Index, adding 6.64%. The chip-equipment maker Camtek rose 4.49% and Tower Semiconductor gained 2.60%, reflecting continued investor interest in Israel's semiconductor sector. Only two constituents of the Tel Aviv 35 Index fell on the day: Elbit Systems slipped 0.70% and Teva Pharmaceutical Industries eased 0.16%.
The session underscores the outsized weight that banking shares carry on the Tel Aviv exchange, where a single strong day for the lenders can lift the broad indices. The moves also came against a backdrop of a firmer shekel, which has traded close to the NIS 3-per-dollar level in recent sessions after a period of pronounced volatility.
For local investors and savers, the direction of the Tel Aviv indices matters well beyond the trading floor: Israeli pension and provident funds hold substantial positions in the exchange's leading shares, so broad-based rallies of the kind seen on Wednesday feed through to household savings across the country.
Sources: globes.co.il.
This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.