How are Israeli markets faring after the Iran drone attack?


The Tel Aviv Stock Exchange closed high Sunday afternoon after a slight drop earlier in the day. The market opened slightly high Sunday morning before falling modestly in what was a largely calm day, following the huge Iranian attack on Israel in the early hours of Sunday morning.

Hundreds of drones and missiles were launched at Israel from Iran and its proxies, after Iran accused Israel of an airstrike on Damascus that killed an IRGC commander. Israeli defense systems as well as Jordanian, UK, US, and French systems were hugely successful at repelling the attack.

In spite of the massive attack, Israeli indices remained largely stable Sunday. The TA-35, the stock market index that tracks 35 large companies listed on the Israeli stock exchange, was up 0.27%, and TA-125, which tracks 125 large companies, was up around 0.31% Sunday afternoon.

Cryptocurrencies drop, defense firms rise after Iranian attack on Israel

After Israel and allies impressive air defense showing early Sunday, defense companies did well with Elbit Systems up around 4%, and defense company Aryt Industries up around 5.4% Sunday afternoon. Aerial intelligence company Aerodrome Group was up around 6% Sunday afternoon.

Representations of cryptocurrencies Bitcoin, Ethereum and DogeCoin are placed on PC motherboard in this illustration taken, June 29, 2021. (credit: REUTERS/DADO RUVIC/ILLUSTRATION/FILE PHOTO)

Bitcoin and other crypto currencies dropped Saturday night, with Bitcoin falling from around USD 67,000 to just over USD 61,000 before rebounding. The drop follows a drop on Friday, and Israeli Calcalist speculated that this drop could be because of the lead up to the attack from Iran. BItcoin dropped again around 3 a.m., falling to around USD 62,000 before rebounding again. 

The cause of the crypto drop is not obvious, although crypto prices did start to recover from the late night drop after the X account associated with Iran’s permanent mission to the UN tweeted that the attack was over, CoinDesk reported.