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צילום: Index Open
Tel Aviv stock exchange closes down
Major indices drop Wednesday; dollar reaches 7-month high
The Tel Aviv stock exchange closed down Wednesday.
The TA-25 dropped 1.01 percent to 1,107.87 points, TA-100 lost 0.95 percent to 1,100.11 points and the Tel-Tech fell 0.10 percent to 416.81 points.
A total of NIS 1.95 billion ($457.5 million) was traded.
The shekel continues to lose strength: the dollar gained 0.68 percent to NIS 4.2910, the highest in seven months. Since mid-March, when the dollar was as low as NIS 3.93, it has leaped nine percent. The euro added 0.476 percent to NIS 5.7650.
According to analysts, due to the interest rate staying at 3.5 percent, the dollar's stability worldwide and continuous losses at the TASE, the dollar's exchange rate is likely to cross the NIS 4.30 threshold next week.
If that happens, Stanley Fischer, governor of the Bank of Israel, will probably raise the interest rate to 3.75 percent to reach the inflation target of 1-3 percent.
