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Why Israel stock market surged despite Iran missile attack on Tel Aviv Stock Exchange
The stock market in Israel surged on Thursday as Iran continued its attacks on Israel and even damaged the Tel Aviv Stock Exchange (TASE). In times of uncertainty, the stock market often takes a beating. Why is it different in Israel then? read more
Part of an electronic board displaying market data is seen at the Tel Aviv Stock Exchange, Reuters
Israel and Iran may at odds, but no one seems to have told that to Tel Aviv's stock market.
In fact, the stock market in Israel surged as Iran continued its attacks on Israel and even hit the Tel Aviv Stock Exchange (TASE) with a missile.
This came even as Israel's Defence Minister Israel Katz threatened Iran's Supreme Leader Ayatollah Ali Khamenei, saying, 'Such a man can no longer be allowed to exist.'
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But what happened? And why is the Israeli stock market surging despite the conflict ?
Let's take a closer look
What happened?
The TASE on Thursday surged to a 52-week high.
The TASE All Share Index increased 0.5 per cent to hit 2,574.89 points.
Read Israel Iran conflict live updates
Meanwhile, key indices such as the blue-chip Tel Aviv-35 and the broader Tel Aviv-125 also hit their 52-week highs of 2,810.85 and 2,850.08 respectively.
The Tel Aviv Stock Exchange closed at 6,161.00 Israeli Shekels (ILA) today – an increase of around 1.67 per cent since yesterday.
Since the conflict began, the TASE is up around 14 per cent.
The TA-125, the country's flagship index, is up 5 per cent in June.
The index increased 6.55 per cent in May and a 4.53 per cent in April.
Why is the stock market at a high?
Experts say this shows the underlying investor confidence in Israel's stock market.
It also seems as if investors are already looking beyond the conflict with Iran.
Israel on Wednesday had moved to ease domestic restrictions imposed on its population over the conflict with Iran in what Defence Minister Israel Katz on Wednesday called a 'message of victory'.
'While we continue our intense fight against Iran until the threats are removed, we will also reopen the economy, ease restrictions, and restore Israel to paths of creativity, activity, and security,' Katz said.
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Israeli Defence Minister Israel Katz. File image/ Reuters
'This is proof of Israel's economic resilience — even under fire,' Finance Minister Bezalel Smotrich said earlier in the week.
Ronen Menachem, chief markets economist at Mizrahi Tefahot Bank, said the market initially reacted to the outbreak of war as well as significant declines on Wall Street on Friday.
'Trading today and in the coming days will likely depend on developments and assessments regarding the continuation of the conflict — its intensity and duration. The stance adopted by the United States will also be significant,' he said.
A Finance Ministry official said ultimately eliminating a potential nuclear threat from Iran would be good for Israel and the whole region, but this may require more funding.
' But we are coming into this (conflict with Iran) from a strong position,' the senior official in the Accountant General's office said.
'We have all this liquidity in the domestic market, so we're in a strong position to make this happen right now,' the official said. 'All and all we see the markets are replying … not in a big way. If you look at the shekel-dollar, it's not a crisis.'
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The official added it was possible rating agencies may view the military escalation as a reason to lower Israel's credit rating, saying: 'It wouldn't surprise me.'
Smotrich said the ministry had been preparing for weeks and was ready to ensure economic stability. 'We are ready to respond and adapt as the situation evolves,' he said. 'The Israeli economy is strong, stable, and resilient.'
Israel said it had targeted Iran's nuclear facilities , ballistic missile factories and military commanders on Friday at the start of what it warned would be a prolonged operation to prevent Tehran from building an atomic weapon. Iran has promised a harsh response and has launched hundreds of missiles into Israel.
With inputs from agencies
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