Thu: Changes to indices lead to record turnover
Turnover on the Tel Aviv Stock Exchange surged as index-tracking funds rebalanced their holdings following changes to the composition of the exchange’s indices. Equity trading reached a record NIS 24.51 billion, with an additional NIS 7.81 billion traded in bonds.
The main equity indices ended lower despite the exceptional volumes. The Tel Aviv 35 Index fell 0.80% to 4,469.69 points, and the Tel Aviv 125 Index declined 0.66% to 4,443.43 points. The BlueTech Global Index also slipped. In contrast, the TelBond 60 corporate bond index edged up 0.21% to 422.58 points.
The extraordinary turnover was driven by large-scale buying and selling by passive funds compelled to align with the updated index weights and constituents that took effect today, marking a new record for equity trading value.
Sector performance was mixed, with energy names under pressure. The Tel Aviv Oil & Gas Index fell 3.16%.
In the foreign exchange market, the representative shekel–US dollar rate was set 0.14% higher at NIS 2.9070/$, while the representative shekel–euro rate was set 0.03% higher at NIS 3.4222/€.
Most active stocks and notable movers
- Tower led the market by turnover at roughly NIS 2 billion and fell 7.56%.
- Mega Or, newly added to the Tel Aviv 35, saw about NIS 1.1 billion in turnover and declined 3.95%.
- Teva rose 2.58%.
- TASE (the exchange operator), also joining the Tel Aviv 35, gained 3.65%.
- Bank Leumi advanced 3.29%.
Advancers
- Israel Corporation climbed 9.38%, buoyed by optimistic brokerage commentary on fertilizer peers and expectations that ICL will exceed quarterly estimates.
- G City rose 8.54% amid improved sentiment toward real estate.
- ICL advanced 8.10%.
- Ormat Technologies added 6.21%.
Decliners
- OPC Energy fell 7.41%.
- Navitas dropped 7.18%.
- Kenon Holdings declined 6.80%.
- Enlight slid 6.72%.
The rebalancing-driven flows underscored the growing influence of passive investment on market dynamics. With the index changes now embedded, attention turns to how liquidity and price action evolve in the coming sessions.
