Israeli Stocks Plunge After Surprise Attack
The Israeli stock market experiences a significant downturn after a surprise attack from Gaza, with various companies suffering losses. Ongoing conflict results in casualties and captures on both sides.
The Israeli stock market experienced a significant downturn on Sunday following a surprise attack from Gaza. The benchmark TA-35 index (IL:TA35) plummeted by 7% to 1,703.38 during morning trade, with nearly all constituents witnessing a decline in value. Notably, generic drugmaker Teva Pharmaceutical (TEVA) remained relatively stable amidst the turmoil.
Various companies suffered double-digit losses as a result of the attack, including Newmed Energy (NWMD), an oil and gas exploration company; Delek Group (DLEKG), which holds ownership of the nation's largest chain of gas stations; and Shikun & Binui (SKBN), an infrastructure firm.
The conflict between Israeli soldiers and Hamas fighters continued to rage on Sunday, with ongoing battles occurring in the streets of southern Israel. Consequently, Israel retaliated by launching strikes on Gaza.
According to Israeli media sources citing rescue service officials, the tragic incident resulted in the loss of at least 300 lives, including 26 soldiers. Conversely, Gaza officials reported a death toll of 313 individuals. Additionally, an Israeli military official disclosed that numerous militants had been killed, while dozens had been captured.
— The Associated Press contributed to this report