Trump victory strengthens shekel and boosts TASE

After Donald Trump’s victory in the US presidential election, Tel Aviv Stock Exchange (TASE) indices rose to new records while the shekel price rose.

Analysts had expected that Prime Minister Benjamin Netanyahu’s dismissal of Defense Minister Yoav Gallant would weaken the shekel and negatively affect the stock market amid fears of sparking social division, but it appears that Trump’s victory outweighed domestic politics. Trump is seen as more pro-Israel than Kamala Harris.

Although the dollar is rising around the world, this is not the case against the shekel. In early afternoon interbank trading, the shekel-dollar exchange rate fell 0.19% to NIS 3,741/$, and the shekel-euro exchange rate fell 1.52% to NIS 4,022/euro.

The Tel Aviv 35 Index rose by 0.78% to a new record high of 2,235.85 points, and the Tel Aviv 125 Index rose by 0.71% to 2,238.21 points. While energy stocks like Enlight Renewable Energies fell sharply due to Trump’s favoritism of fossil fuel companies, Teva stock rose 3.12% ahead of its third-quarter results.

Published by Globes, Israel Business News – en.globes.co.il – on November 6, 2024.

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