Tue: TASE tumbles as investors take fright

The banks fell heavily after the Knesset passed the law curbing the Supreme Court's powers yesterday.

The Tel Aviv Stock Exchange fell sharply after the Knesset passed the 'reasonableness' law yesterday to curb the Supreme Court's powers. The Tel Aviv 35 Index fell 3.02%, to 1,804.58 points; the Tel Aviv 125 Index fell 3.06%, to 1,817.92 points; and the BlueTech Global Index fell 2.12% to 369.20 points. The All Bond corporate bond index fell 0.49% to 371.04 points. Turnover totaled NIS 3.58 billion in equities and NIS 4.31 billion in bonds.

On the foreign exchange market, the Bank of Israel set the representative shekel-dollar rate up 2.68% from Monday, at NIS 3.717/$, and the representative shekel-euro rate was set 2.17% higher at NIS 4.106/€.

Bank Leumi (TASE:LUMI) led the market today, falling 4.70% on the day's biggest trading turnover. Bank Hapoalim (TASE: POLI) fell 4.93% and Israel Discount Bank (TASE: DSCT) fell 4.70%. Mizrahi Tefahot Bank fell 4.69% and First International Bank of Israel (TASE:FTIN1; FTIN5) fell 5.03%.

Shikun & Binui Holdings Ltd. (TASE: SKBN) fell 6.59% for the biggest fall on the Tel Aviv 35 Index today and Elbit Systems Ltd. (Nasdaq: ESLT; TASE:ESLT) fell 5.09%.

Only three stocks on the Tel Aviv 35 Index rose today including Ormat Technologies Inc. (NYSE: ORA; TASE: ORA), which rose 0.84% and Nova Measuring Instruments Ltd. (Nasdaq:NVMI; TASE:NVMI) which rose 0.9% for the biggest rise on the Tel Aviv 35 Index today.

Published by Globes, Israel business news - en.globes.co.il - on July 25, 2023.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2023.

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