Israeli Stocks Slide, Shekel Weakens as Election Results Point to Deadlock
Dow Jones10-28 22:45
1445 GMT - Israeli stocks fall sharply Wednesday and the shekel weakens as preliminary election results point to a political deadlock. The benchmark TA-35 index drops around 3%, while the broader TA-125 loses more than 3% in intraday trading. The shekel falls 2.3% against the dollar to 3.1230, with financial and real-estate stocks among the biggest decliners. Neither major political bloc is projected to secure a parliamentary majority. Uncertainty surrounding the Israeli election adds to geopolitical risks as renewed U.S.-Iran tensions threaten diplomatic efforts, according to Saxo Bank, which warns that markets remain highly sensitive to developments in the region.
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