Israel Stock Exchange Reaches 52-Week High Amidst Iran Conflict
The resilience of the Tel Aviv Stock Exchange in the face of conflict has been notable, with investors seemingly unfazed by the tensions between Israel and Iran. The exchange's ability to reach a 52-week high despite the challenges posed by the conflict is a testament to the strength of the Israeli economy and the confidence of investors in the country's future.
The Tel Aviv Stock Exchange has reached a 52-week high, with the Tel Aviv All Share Index rising 0.5% to 2,574, despite suffering damage from Iranian missile strikes that targeted the exchange building and other locations across Israel.
The TA-125 Index, which represents the largest companies on the exchange, has shown strong gains since hostilities between Iran and Israel intensified on June 13, climbing nearly 5% so far in June. This surge in the stock market comes as a surprise, given the extent of the damage caused by the Iranian missile strikes, which targeted multiple Israeli locations, including Tel Aviv and Be'er Sheva, and resulted in significant damage to a major hospital in southern Israel.
The Israeli government has responded to the attacks with a strong warning from Prime Minister Benjamin Netanyahu and a decision to intensify military operations against Iran. The Israeli Air Force has launched a series of strikes against targets in western Iran, destroying surface-to-surface missile infrastructure and soldiers. The IDF has also intercepted a drone from the East that triggered alarms in the northern West Bank.
The conflict has resulted in 24 Israeli deaths and over 800 wounded, including seven IDF soldiers, in Iranian attacks. France, Turkey, and Bulgaria have taken measures to protect their citizens and interests in the region, with France preparing to help its citizens in Israel and Iran leave the countries, Turkey increasing border security, and Bulgaria closing its embassy in Tehran and evacuating diplomatic staff and their families.
As the conflict between Israel and Iran continues to escalate, the international community is watching with concern, and the situation remains volatile. The Israeli government remains on high alert, with air-raid sirens and rocket attacks causing widespread disruption, and the IDF is close to destroying half of Iran's ballistic missile launchers, with hundreds already destroyed.