The Tel Aviv Stock Exchange (TASE) index hit a new record as the shekel strengthened after Donald Trump’s victory in the US presidential election.
The Tel Aviv Stock Exchange (TASE) index rose to a new record as the shekel strengthened after Donald Trump’s victory in the US presidential election.
Analysts had predicted that Prime Minister Benjamin Netanyahu’s firing of Defense Minister Yoav Galant would cause the shekel to weaken and negatively impact stock markets, amid fears that it would spark social unrest, but Trump’s victory appears to have surpassed domestic politics. Trump is seen as far more pro-Israel than Kamala Harris.
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Trump’s victory is generally seen as positive for the market.
While the dollar is rising globally, the same is not true against the shekel. In early afternoon interbank trading, the shekel-to-dollar exchange rate fell by 0.19% to NIS 3.741/$, and the shekel-to-euro exchange rate fell by 1.52% to NIS 4.022/€.
The Tel Aviv 35 Index rose 0.78% to a new record of 2,235.85 points, while the Tel Aviv 125 Index rose 0.71% to 2,238.21 points. While energy stocks such as Enright Renewable Energies have fallen sharply in response to President Trump’s focus on fossil fuel companies, Teva is up 3.12% ahead of its third-quarter results.
Published by Globes, Israel Business News – en.globes.co.il – on November 6, 2024.
© Globes Publisher Itonut (1983) Ltd., Copyright 2024.
Tel Aviv Stock Exchange Credit: Shutterstock MagioreStock
