Israel stock exchange: Defying escalating tensions with Iran and fresh reports of an attack targeting the exchange, the Tel Aviv Stock Exchange surged to a 52-week high today, June 19. Despite the geopolitical strain, Israel’s stock market demonstrated resilience, with investors continuing to buy into local equities amid the uncertainty.
Israel stock market: Flashing green
Al Jazeera reported on June 19 that the Israeli stock exchange building was damaged after Iran launched 25 missiles in a fresh attack on Israel. Yet, the Tel Aviv Stock Exchange’s All Share index surged 0.5% to the 52-week high of 2,574.89. Other indices like the TA-35 and TA-125 also traded in the green and at their 52-week high levels of 2,810.85 and 2,850.08, respectively.
The Israeli stock exchange’s flagship index TA 125 has been in an uptrend since the inception of the war between Iran and Israel on June 13, gaining 5% during this period. The index is up nearly 5% in June so far, building on a 6.55% rise seen in May and a 4.53% gain recorded in April.
AFP confirmed the news of Iranian missile strikes on Israel. A hospital in southern Israel and two towns near Tel Aviv were struck after a barrage of Iranian missiles on Thursday morning, the news report said.
Prime Minister Benjamin Netanyahu warned that Iran would “pay a heavy price” after the strike on Soroka Hospital in Beersheba in southern Israel, while Defence Minister Israel Katz said the army had been ordered to “intensify” strikes on Iran.
Sirens sounded across Israel early Thursday as the military said it detected incoming missiles from Iran and AFP journalists reported hearing loud blasts in Tel Aviv and Jerusalem, the news agency reported. A military official added that “dozens of ballistic missiles” had been launched at Israel.
Global stock markets under pressure
The Iran-Israel war, which entered its seventh day today, however, has kept the global stock markets on edge, even as stocks in Israel continue to trade higher.
In Europe, stocks fell for a third day, leaving the STOXX 600 down nearly 2.5% on the week, set for its biggest week-on-week decline since the tariff-induced turmoil of April.
US S&P 500 futures fell 0.6%, although most US markets – including Wall Street and the Treasury market – will be closed on Thursday for a public holiday. The gloomy mood hampered Asian stocks, with Taiwan’s stock benchmark down 1.5%, and Hong Kong’s Hang Seng sliding 2%.
Back home, the Indian stock markets appeared resilient, down just 0.05% in afternoon trade.
(With inputs from agencies)
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