Many Israeli stocks fell sharply on Monday despite positive trends on the Nasdaq and NYSE with indices rising by 0.4%-0.6%.
Trading opened on Wall Street yesterday more than 48 hours after the surprise attack on Israel by Hamas. Many Israeli stocks fell sharply on Monday despite positive trends on the Nasdaq and NYSE with indices rising by 0.4%-0.6%. Clearly the declines by Israeli stocks reflected investor concerns about the impact of war on the companies’ activities.
On Monday, Camtek (Nasdaq: CAMT; TASE: CAMT), which produces control systems for chipmakers fell 8.8%, fintech company Pagaya Technologies (Nasdaq: PGY) fell 10.8%, biopharmaceutical company Kamada (Nasdaq: KMDA) fell 8.3%, website analytics company Similarweb (NYSE: SMWB) fell 7.25%, and chipmaker Tower Semiconductor (Nasdaq: TSEM; TASE: TSEM) fell 6.6%.
Even the biggest companies saw major declines. Intel autonomous driving systems unit Mobileye Global (Nasdaq: MBLY) fell 5.30% and now has a market cap of $31.7 billion. Teva Pharmaceuticals (NYSE: TEVA; TASE: TEVA) fell 6.4% and has a market cap of $9.9 billion, cybersecurity company Check Point (Nasdaq: CHKP) fell 1.5%, software company NICE Systems (Nasdaq: NICE; TASE: NICE) fell 3.69%, defense electronics company Elbit Systems (Nasdaq: ELST; TASE: ELST) fell 2.24% and work operating systems company monday.com (NYSE: MNDY) fell 4.16%.
Some Israeli companies have registered very modest gains. Business systems company Amdocs (Nasdaq: DOX) rose 0.28%, and cybersecurity company CyberArk Software (Nasdaq: CYBR) rose 0.54%.
Published by Globes, Israel business news – en.globes.co.il – on October 10, 2023.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2023.
Wall Street credit: Chenyu Guan Unsplash