Israeli benchmark index falls dramatically amid clashes

By Gokhan Ergocun

ISTANBUL (AA) — Israel's benchmark stock market index plummeted on Monday amid ongoing clashes between the Israeli army and Palestinian resistance groups.

The Tel Aviv Stock Exchange 35 (TA-35), which ended last week at over 1,800 on Friday, plunged to below 1,700, a drop of around 6%.

The last time it fell to such a low level was in July 2021, when a previous round of clashes had erupted.

Israel's national currency, the shekel, also shed around 2% of its value since Friday, prompting the country's Central Bank to intervene in the market on Monday by selling $30 billion of reserves.