Trump victory strengthens shekel and boosts TASE

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After Donald Trump's victory in the US presidential election the Tel Aviv Stock Exchange (TASE) indices have climbed to new records while the shekel is appreciating.

After Donald Trump's victory in the US presidential election the Tel Aviv Stock Exchange (TASE) indices have climbed to new records while the shekel is strengthening.

Analysts had expected Prime Minister Benjamin Netanyahu's firing of Minister of Defense Yoav Gallant to weaken the shekel and adversely affect the stock market amid fears of provoking social disunity but it seems that Trump's victory has outweighed domestic politics. Trump is seen as far more pro-Israel than Kamala Harris.

Although the dollar is strengthening worldwide, this is not the case against the shekel. In early afternoon inter-bank trading the shekel-dollar exchange rate was down 0.19% at NIS 3.741/$ and the shekel-euro exchange rate was down 1.52% at NIS 4.022/€.

The Tel Aviv 35 Index is 0.78% higher at a new record of 2,235.85 points and the Tel Aviv 125 Index is 0.71% higher at 2,238.21 points. While energy stocks like Enlight Renewable Energies are down sharply on Trump's preference for fossil fuel companies, Teva is up by 3.12% ahead of its third quarter results.

Published by Globes, Israel business news - en.globes.co.il - on November 6, 2024.

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