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Tel Aviv's TA 35 Index Falls 1.81% as Financials and Real Estate Drag
Israel's benchmark TA 35 stock index closed down 1.81% on Wednesday, pressured by significant losses across the real estate, insurance, and financial sectors.
Broad-Based Declines in Tel Aviv
The downturn reflected broad negative sentiment on the Tel Aviv Stock Exchange, where declining stocks significantly outnumbered advancers. According to market data, 376 companies saw their shares fall, while only 97 posted gains and 85 ended the session unchanged.
The sell-off was most pronounced in interest-rate sensitive sectors, with financials, insurance, and real estate leading the market lower. This broad-based decline indicates widespread selling pressure rather than a concentrated drop in a single industry.
Notable Movers and Sector Outliers
Despite the negative market trend, a few technology-related firms bucked the trend. The session's top performers on the TA 35 included:
Ad- Tower Semiconductor Ltd (TASE:TSEM), which surged 6.14%.
- Nova (TASE:NVMI), which climbed 5.54%.
- Ormat Technologies Inc (TASE:ORA), which gained 4.80%.
On the other end, the day's biggest laggards highlighted the weakness in the broader market. The worst performers included Newmed Energy LP (TASE:NWMDp), which fell 6.24%, and Migdal Insurance and Financial Holdings Ltd (TASE:MGDL), which dropped 6.15%.
Currency and Commodity Markets
In the foreign exchange market, the Israeli shekel weakened against major currencies. The USD/ILS pair rose 2.38% to 3.13, indicating a stronger U.S. dollar relative to the shekel.
Elsewhere, commodity markets were mixed. Crude oil futures for December delivery gained 3.42% to trade at $103.32 a barrel. In contrast, the December Gold Futures contract fell 0.49% to $4,054.45 a troy ounce.
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