Thu: Interest rate cut expectations depress banks

Weakness in the banks dragged down the Tel Aviv 35 Index today, with Elbit Systems also sharply down.

The main indices on the Tel Aviv Stock Exchange fell today. The Tel Aviv 35 Index fell 1.17%, to 3,210.91 points; the Tel Aviv 125 Index fell 0.80%, to 3,298.53 points; and the BlueTech Global Index fell 0.08%, to 595.06 points. The TelBond 60 corporate bond index fell 0.06%, to 414.42 points. Turnover totaled NIS 4.96 billion in equities and NIS 3.22 billion in bonds.

For the four-week period of the Jewish holidays, from September 21 to October 16, the Tel Aviv 35 Index rose 6.0%. The index is up 34.1% for the year to date.

On the foreign exchange market, the representative shekel-US dollar exchange rate was set 0.15% higher, at NIS 3.2960/$, and the representative shekel-euro rate was set 0.46% higher, at NIS 3.8443/€.

Bank Leumi led trading today, and fell 3.28%. Bank Hapoalim fell 3.74%; Discount Bank fell 3.41%; Big Shopping Centers rose 2.09%; and Elbit Systems fell 4.41%.

Market players explained the weakness in the banks by the lower than expected CPI reading released yesterday, which makes an interest rate cut at the next meeting of the Bank of Israel Monetary Committee much more likely.

Notable advancers today were Blue Square, up 4.33%; One Software Technologies, up 4.01%; and Elco, up 3.61%. Inrom Construction Industries fell 4.92%, Ackerstein Group fell 4.02%, and Azorim fell 3.84%.

Published by Globes, Israel business news - en.globes.co.il - on October 16, 2025.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2025.

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