Business

Optimism on Tel Aviv Stock Exchange as Major Indices Soar

Despite the heavy bombardment of the Lower Galilee, optimism about a possible imminent agreement on the hostages and a ceasefire seems to be outweighing stock market concerns, with the Tel Aviv Stock Exchange showing great optimism on Sunday, when most stock prices rose significantly.

At the close, the TA-35 index rose by 2.3%, the TA-125 by 2.7%, the TA-Banks by 3.2%, the TA-Real Estate by 5.5% and the TA-90 by 4.1%. The yield on 10-year government bonds fell by 20 basis points to 4.86%.

The Bank of Israel is expected to deliver its interest rate decision on Monday, with most banking and investment firm analysts predicting the rate will remain unchanged. However, the Bank of Israel governor could hint at a possible rate cut later in the year, perhaps by the end of the summer.

The reasons for not lowering the rate on Monday include the state's large budget deficit, the government's pending decisions on formulating a plan for tax cuts and increases as part of the 2025 budget – which are expected by the end of the month, the ongoing war on the southern and northern fronts, fears of a more serious escalation soon on the Lebanese border, and the fact that interest rates have not yet been cut in the United States and many other countries around the world.

The Bank of Israel became the first in the Western world to cut its interest rate by a quarter of a percent on January 1, after significant increases over the past year and a half globally.

The market is now awaiting explanations from the Bank of Israel Governor, Prof. Amir Yaron. Forex trading will therefore be influenced on Monday by the anticipation of the Bank of Israel's announcement, as will trading on the stock markets, which could fluctuate depending on the Bank of Israel's statement at 4 p.m. on Monday, just before the end of the trading day. The strengthening of the shekel over the weekend could give the Bank of Israel some room to maneuver in its interest rate decision, but the probability of lowering the rate below 4.5% remains low.

Sources

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2/ https://www.ynetnews.com/business/article/rjr008udpc

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