Shares on the Tel Aviv Stock Exchange surged to all-time highs yesterday as investors welcomed US President Donald Trump’s plan to end the war in Gaza.
Israel’s main stock market, the Tel Aviv 125 jumped 3.1 per cent, extending a rally that has pushed the index about 30 per cent higher since the start of the year. The gains came after weeks of record-breaking trading in Tel Aviv as markets bet on prospects for regional stability and economic growth.
Meanwhike, the Tel Aviv 35 Index, which comprises the 35 stocks with the highest market value on the Tel-Aviv Stock Exchange, rose 2.8% to close at a record high.
Trading turnover reached more than 5.4 billion shekels (£1.2 billion) in equities yesterday, while the shekel strengthened against sterling, the dollar and the euro.
"The day began with modest gains and hesitancy regarding the deal but ended in strong optimism after the statements that accompanied trading,” said Yaniv Pagot, deputy head of trading at the Tel Aviv Stock Exchange.
On Monday evening, Trump appeared in a joint press conference with with Benjamin Netanyhu, to unveil a 20-point peace plan, to which Israel has signed up. Under the plan, which Hamas has not yet responded to, the war in Gaza would draw to an immediate end, all hostages, living and dead will be returned to Israel within 72 hours, and the terror group will disarm.
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