Tel Aviv Stock Exchange came back to life in 5781
The local bourse boasted 94 initial public offerings, including 63 hi-tech companies, the highest since 1993. In total, NIS 28 billion was raised on the stock market, mostly from tech companies.
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The benchmark TA-35 and TA-90 indices rose by about 33% and 43%, respectively, during the course of the year. For comparison, the S&P 500 rose about 33% during the same period, while leading stock exchanges in Europe saw an average increase of about 26%.
Average daily turnover on the market was NIS 1.8b., similar to the previous year, and about 40% more than the average volume in 2019. TASE volume dropped off about a decade ago when index compiler MSCI reclassified Israel as a developed country, removing it from the portfolios of most emerging market investors.
MARKET DATA at the Tel Aviv Stock Exchange. (credit: AMIR COHEN/REUTERS)
The growth follows the bourse’s strategy over the past few years to attract and serve as a home for more hi-tech companies.
Shares of real estate companies jumped by about 74% due to an increase in demand for apartments over the course of 5781. Shares of Israel’s large banks rose by about 62%, while oil and gas stocks rose by about 48%…
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