Israel's Tel Aviv Stock Exchange Hit By Iranian Missile But Market Surges To 52-Week High; Why?
Despite missile attacks at the building site, traders seem undaunted and optimistic. The major index Tel Aviv Stock Exchange is up 4.26 per cent intraday.
Tel Aviv Stock Exchange: Iran launched a series of missile attacks on Israel on Thursday, striking several locations including Tel Aviv and Be'er Sheva. The Tel Aviv Stock Exchange building was notably damaged, as reported by Al Jazeera and other local media.
Significant damage was inflicted on the building after Iran fired dozens of ballistic missiles.
Despite missile attacks at the building site, traders seem undaunted and optimistic. The major index Tel Aviv Stock Exchange is up 4.26 per cent intraday on Thursday at 6,311. Since the escalation of the conflict, the index has jumped almost 14 per cent or 800 points. Index is now 52-week high.
The ongoing Iran–Israel conflict has had a mixed but largely resilient impact on the Tel Aviv Stock Exchange (TASE). Initially, indices like TA-125 and TA-35 experienced brief declines due to investor panic and geopolitical uncertainty.
However, factors such as limited escalation being priced in, strong fundamentals, central bank preparedness, and upward momentum in certain sectors have helped maintain the stability of the exchange.
Additionally, the strikes targeted a major hospital in southern Israel. Israel's Magen David Adom rescue service reported that at least 32 people were injured from these latest missile attacks.
In response, Israeli Prime Minister Benjamin Netanyahu declared that Tehran would 'pay a heavy price" for the missile strike on the hospital in southern Israel.
Israel's June 13 airstrikes on Iranian soil have sharply escalated the long-running confrontation between the two arch-rivals. Codenamed Operation Rising Lion, the operation involved dozens of Israeli fighter jets targeting Iran's nuclear infrastructure, missile factories, and top military personnel. Explosions were reported in Tehran and at the Natanz uranium enrichment facility.
'We are at a decisive moment in Israel's history," Israeli Prime Minister Benjamin Netanyahu said in a recorded video message.
Meanwhile, Israel's Defence Minister, Israel Katz, announced a 'special situation' as some military officials there confirmed attacks on Iranian nuclear sites.
According to Israel's Channel 12, Iran's Armed Forces Chief of Staff Mohammad Bagheri and several senior nuclear scientists may have been killed, though Iran has not officially confirmed the casualties.
Iran has issued a stern warning against any potential US involvement in the ongoing conflict with Israel, declaring that 'all options are on the table" should Washington take direct action.
The statement from Iran comes amid rising tensions and a deepening regional crisis, with Tehran cautioning that American intervention could escalate. The warning underscores Iran's readiness to respond forcefully if the US is perceived as playing an active role in military operations against it.
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