The Tel Aviv Stock Exchange (TASE) surged more than five per cent on Sunday, reaching a fresh all-time high, even as geopolitical tensions escalated
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NEW DELHI — The Tel Aviv Stock Exchange (TASE) surged more than five per cent on Sunday, reaching a fresh all-time high, even as geopolitical tensions escalated with the US entering the ongoing conflict between Israel and Iran.
TASE touched a new peak of 6,490 before stabilising around 6,450, marking a significant five per cent rise from its previous close of 6,137.
The broader Israeli stock indices also witnessed strong gains during the trading session.
According to Israeli media reports, the TA-125 benchmark index was up by 1.6 per cent, while the TA-35 index, which tracks Israel's leading blue-chip companies, gained more than 1.5 per cent.
Also read: Middle East air travel hit hard as airlines avoid region after US strikes on Iran
The TA-Insurance and Financial Services Index recorded a sharp 3.2 per cent jump -- reflecting strong investor interest across sectors.
Unlike most global markets, Israel's stock exchanges remain open on Sundays due to the Friday weekend observed in the country.
The rally came just hours after the US launched strikes on three major nuclear facilities in Iran -- Fordow, Natanz, and Isfahan -- early Sunday morning. (India time 4:30 a.m.)
The US airstrikes have significantly intensified tensions in the region, prompting swift retaliatory action from Iran.
In response, Iran fired more than 30 ballistic missiles at Israel, according to the Israel Defense Forces.
Read more: Iran launches fresh missile attacks on Israel following US action
The attacks reportedly left at least 16 people injured and caused damage to multiple buildings across the country.
Key Israeli cities, including Tel Aviv, Haifa, and Jerusalem, were targeted in Iran's retaliatory strikes.
Notably, the Tel Aviv Stock Exchange building itself was damaged during a missile attack by Iran on Thursday, when 25 missiles were fired toward Israel.
Markets were already on a strong upward trajectory, with stocks gaining ground in all five trading sessions last week.
The overall rally amounted to nearly six per cent, driven by Israel's strikes on Iranian nuclear and military installations.