Tel Aviv Stocks Open Shortened Session as Tech Sell-Off Hits Global Markets
Tel Aviv stocks opened a shortened Friday trading session following mixed results. Markets digest Wall Street declines driven by Alphabet's drop and sharp tech losses across Asian bourses.
Tel Aviv Stock Exchange trading sessions conclude early on Friday at 2:00 PM, following a mixed Thursday session where the Tel Aviv 35 index rose 0.34% and the Tel Aviv 125 added 0.10%, while the Tel Aviv 90 slipped 0.59%. Dual-listed stocks opened with a slight negative theoretical impact of 0.07% on the Tel Aviv 35 benchmark.
Among prominent arbitrage gaps, Tower Semiconductor faces a negative gap of 2.44% and Nova is down 1.91%, whereas Teva is positioned for a positive gap of 1.55%. Meanwhile, OPC Energy shares climbed 2.83% yesterday on a trading volume of 31.66 million NIS, following news of an 825 million dollar financing package secured for CPV power plants, earmarked for debt refinancing and a planned distribution of approximately 130 million dollars.
Global markets experienced notable turbulence as Wall Street closed lower, with the Nasdaq dropping 1.4%, the S&P 500 losing 0.3%, and the Dow Jones edging down 0.3%, though the Russell 2000 advanced 1%. Alphabet shares plummeted 12.6% amid earnings reports and growing market anxiety over returns on massive artificial intelligence investments.
Asian stock exchanges absorbed heavy losses in technology shares, led by a sharp sell-off following Alphabet's slump. Japan's Nikkei index tumbled 2.6%, and South Korea's Kospi plunged 5.4% due to severe drops in chipmakers like Samsung and SK Hynix. Conversely, Hong Kong's Hang Seng rose 1.2%, while investors monitored the Bank of Japan's decision to keep interest rates steady at 1.25%.
