Gökhan Ergöçün
26 October 2023•Update: 26 October 2023
ISTANBUL
Israel's benchmark index TA-35 continued its downward trend on Thursday as it fell below the 1,600 level for the first time since March 2021.
Israel's economy has been facing stronger headwinds since Oct. 7, when Gaza-based Palestinian group Hamas launched a surprise attack on Israel.
Over the past two weeks, the index lost over 12%, falling from the 1,830 level to the 1,600 level.
It also saw 1,592 points during Thursday.
The Israeli shekel, which traded around 3.84 per US dollar on Oct. 6, lost value by around 6% over the same period.
The Bank of Israel had to intervene in markets last week to inject billions of US dollars and rebalance the shekel's value.
The country's credit default swap risk premium for 10-year bonds was at the 75 level last month and 85 at the beginning of the conflict. It, however, reached 165, increasing 120%, over around last 20 days.
