The third trading day of this week closed with sharp declines in the leading indexes on the stock exchange, alongside sharp declines in government bonds and the fall of the shekel.
The Tel Aviv 35 index lost 1.7%, the Tel Aviv 90 index fell by 2.8%, the banks index was cut by 3.3% and the real estate index fell by 4.15% in the shadow of the fear of continued interest rate hikes in the economy. The share of Bank Mizrahi Tefahot fell by 3.3 %, Poalim lost 3.6% and Leumi fell by 3.1% in the high turnover on the stock exchange.
The shekel fell by 2.4% against the dollar during representative trading, while according to a review by Citi Economists obtained by a sponsor, Bank Tzofus sees at least another 8% drop in the Israeli currency following the legal reform. Ten-year government bonds were cut by 2%.
The shares of the Hanan Mor real estate company were cut by about 11.3%, Veridis fell by 10.6%, Israel Canada lost 6.3%, Norstar fell by 8%, Shikhon and Binui lost 6%, Aloni Hatz lost 3.7% of its value, Manava lost over 5%. On the other hand, Ormat increased by 2.2%, Tower climbed by 2.2%, Teva increased by 1.3%, Nice increased by 1%
The stock market fell today with a particularly unusual turnover of NIS 2.4 billion.
15:00
Trading on the Tel Aviv Stock Exchange is in sharp decline in the shadow of the first reading of the law to weaken the legal system in Israel. The shekel weakened sharply against the dollar and the 10-year government bonds fell by 1.3%.
The dollar jumps by 2.4% to the level of NIS 3.64 – a three and a half year high.
The Tel Aviv 35 Index loses 1% of its value, the Tel Aviv 90 Index falls by 2.4%, the Tel Aviv Real Estate Index loses 3.7% and the Bank Index loses 1.6%.
Among the shares that benefit from dollar income and are painted in green, you can name Teva, which rises by 1%, Tower, which jumps by 1.7%, Ormat, which rises by the same rate. The parent’s share jumps by 12% in preparation for delisting from the stock market at the end of the month, Zoz Power increases by 5%, and A.I. Systems increases by 11%.
Veridis reported that the Green Police of the Ministry of Environmental Protection and the Israel Police searched the company’s offices and activity sites of the subsidiary company, Veridis Environmental Quality Israel Ltd., and documents and electronic equipment were handed over. Also, officers of the company were detained for investigation. According to a statement from the spokeswoman of the Ministry of Environmental Protection And the Israel Police, the investigation revolves around an alleged suspicion of illegal dumping of waste.
The trading turnover at this time amounts to NIS 1.3 billion.
10:10
Trading on the Tel Aviv Stock Exchange is conducted with rates falling in a thin cycle in the shadow of approval in the first reading of the law which is expected to lead to the weakening of the legal system in Israel. The dollar jumps by 1% against the shekel to a level of 3.59 shekels
The Tel Aviv 35 index loses 0.56%, the Tel Aviv 90 index loses 1.1%, the banking index loses 0.9%, the real estate index decreases by 1.3%.
Trading in the market continues following yesterday’s Bank of Israel interest rate increase of 0.5% to 4.25%. The Bank of Israel has signaled further interest rate hikes in the future, when the shekel’s devaluation may turn into an increase in inflation.
Zoz Power jumps 6.5%, Hanan Mor loses 4.9%, Hajj falls 2.86%, Israel Canada loses 2.7%, Azrieli falls over 2%.