It could have been worse
Photo: AFP
Israeli stocks drop moderately
Did Yom Kippur break avert stock market crash in Tel Aviv? TA-25 Index drops by only 3.8%
Did Yom Kippur break save us? Trading at the Tel Aviv stock exchange opened with very sharp drops Sunday morning, heightening fears that stock market crashes around the world are making their way to Israel. However, the drops moderated during the day, prompting investors to breathe a sigh of relief. Overall, Israeli stocks dropped by much lower levels than what has materialized overseas in the past week.
The Tel Aviv 25 Index dropped by 3.8%, to 767.61 points. The Tel Aviv 100 Index dropped by 4.59% percent, to 683.55. Meanwhile, the Tel-Tech 15 marked a sharp 11.81% decline, mostly because many of the stocks are also traded abroad.
The Real Estate index dropped by 8.92%, yet the Tel-Bond Index surprised observers by showing a slight increase.
While the Israeli stock market was inactive due to Yom Kippur and the weekend, stock exchanges around the world dropped by about 15%. It appears that the Israeli market has been able to at least partly avoid the global domino effect.
Analyst Nir Zonenberg of the Meitav Investment House told Ynet that "the Israeli stock exchange, which fortunately is open on Sunday, was favorably affected by moves that took place abroad over the weekend."
Zonenberg cited the G7 meeting convened to discuss the crisis as well as the International Monetary Fund meeting as hopeful developments.
"These things are expected to prompt rises in stock exchanges aboard in the coming days, and the Tel Aviv stock market is already 'counting' on these increases," he said.
Calcalist contributed to the story
