TASE falls, shekel weakens after explosions in Lebanon

Updated 18.40

2,750 Hezbollah members have been seriously injured and at least eight people were killed after the pagers they use for communications exploded, the Arab media reports, according to Lebanon's Minister of Health Firass Abiad. The explosions occurred in the southern Beirut suburb of Dahieh as well in dozens of other locations around the country. Iranian media reports that among those injured is Iran's Ambassador to Lebanon Mojtaba Amani.

Lebanese media outlet NBN attributes the explosions to Israel claiming that through high-level technology Israel succeeded in sabotaging Hezbollah's pager communications network. Hezbollah has blamed Israel for the explosions and said it will be punished. This is the first major event in Beirut since the assassination of Hezbollah commander Fuad Shukr on July 30.

Following the reports of the explosions the Tel Aviv 35 Index, which had been about 0.40% lower today, dipped sharply and is currently down 1.08% at 1997.31 points. The shekel representative rate was almost unchanged today but the Israeli currency is now weakening sharply. The shekel-dollar rate is 1.14% higher at NIS 3.788/$ and the shekel-euro rate is 0.97% higher at NIS 4.210/€.

Published by Globes, Israel business news - en.globes.co.il - on September 17, 2024.