Tel Aviv Stocks Slide 9.5% From Peak as US-Iran Deal and Power Rules Hit Sentiment
Updated
Updated · Ynetnews · Jun 18
Tel Aviv Stocks Slide 9.5% From Peak as US-Iran Deal and Power Rules Hit Sentiment
3 articles · Updated · Ynetnews · Jun 18
Summary
TA-125 fell 1.72% on Wednesday and is now down 9.5% from its peak, as Israeli investors treated the U.S.-Iran agreement as a strategic setback rather than the stabilizing event seen in U.S. and European markets.
Energy and infrastructure led the selloff after Israel’s Electricity Authority proposed charging server-farm developers millions of shekels annually to keep grid-connection slots and approving only about a quarter of pending applications.
TA-35 dropped 1.54%, TA-90 lost 2.03%, the defense index slipped 0.3% to a 7.2% weekly fall, and the banking index is down 7.7% this month, while chip stocks such as Tower, Nova and Camtek held up better.
Investors said the decline also reflects a repricing of stocks that had rallied on hopes of a postwar regional reset; some bank shares had reached 1.7 times book value before the agreement details emerged.
Analysts said geopolitics and local political uncertainty are overwhelming supportive data such as softer inflation and rising rate-cut hopes, though some see the 10%-15% pullback zone as creating selective buying opportunities.