TA-35 Hits All-Time High on Banking Sector Gains

TA-35 Index Reaches New All-Time High

The Tel Aviv 35 (TA-35) index closed with a marginal gain of 0.02% on Wednesday, setting a new all-time high. The advance was primarily driven by strong performances in key financial sectors, reflecting targeted investor confidence.

Market Performance Overview

Gains were spearheaded by the Banking, Financials, and Insurance sectors, which successfully pushed the benchmark index into record territory. Despite the index's peak, overall market breadth was negative, with 287 stocks declining compared to 189 advancing stocks on the Tel Aviv Stock Exchange; 72 issues ended unchanged.

Key Stock Movers

Among the top performers on the TA-35 were Leumi, which rose by 2.89%, and Israel Discount Bank Ltd, which added 2.86% to also reach an all-time high. In contrast, Tower Semiconductor Ltd was the session's most significant decliner, falling by 5.60%, followed by Newmed Energy LP, which dropped 4.39%.

Summary and Outlook

The market's ability to achieve a new record despite more declining than advancing stocks indicates concentrated strength in the financial industry. Investors will monitor whether this sector-specific momentum can be sustained and broaden to support the wider market in upcoming sessions.

FAQ

Q: Which Israeli stock index hit a new record?

A: The TA-35 index closed at a new all-time high.

Q: What were the main sectors driving the market higher?

A: The Banking, Financials, and Insurance sectors were the primary drivers of the gains.

Source: Investing.com