Story
Israel's TA 35 Index Drops 2.15% as Tech and Real Estate Stocks Slide
Summary
The Tel Aviv 35 index closed down sharply on Monday, dragged lower by significant losses in the technology, real estate, and biomed sectors. The decline was broad-based, with semiconductor stocks among the hardest hit.
Israel's benchmark TA 35 index registered a significant decline at the close of trading on Monday, falling 2.15% amid a broad-based sell-off. The downturn was driven by notable weakness in the country's key technology, real estate, and biomedical sectors, according to market data from the Tel Aviv Stock Exchange.
Sector-Wide Pressure
The negative sentiment was widespread, with falling stocks outnumbering advancing ones by a margin of 312 to 165, while 83 stocks finished the session unchanged. The technology sector was particularly hard-hit, with several major semiconductor companies leading the losses.
Key decliners on the TA 35 index included:
- Tower Semiconductor Ltd (TSEM), which plunged 14.56%.
- Nova (NVMI), which fell 7.87%.
- Camtek Ltd (CAMT), which was down 7.05%.
AdPockets of Strength
Despite the prevailing downward trend, a few companies managed to post strong gains. Enterprise software firm NICE Ltd (NICE) was the session's top performer on the index, rising 7.18%. Other notable gainers included Newmed Energy LP (NWMDp), which added 3.22%, and real estate company Melisron (MLSR), which climbed 2.53%.
Broader Market Context
The move in Israeli equities occurred alongside significant shifts in global commodity and currency markets. Crude oil prices saw a sharp drop, with September futures falling over 6%. In currency markets, the Israeli shekel weakened against major currencies, with the USD/ILS pair rising 0.28% to 3.06 and the EUR/ILS pair gaining 0.31% to 3.48.
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