Israel stock market rallies even after Iranian strikes on exchange
What's the story
The Tel Aviv Stock Exchange (TASE) has hit a new 52-week high, even after suffering damage from Iranian missile strikes.
The building was damaged as part of a wider attack on Israel on Thursday, which also included strikes on Jerusalem and Tel Aviv.
Despite the geopolitical tension, Israel's stock market remained resilient with investors continuing to invest in local equities amid uncertainty.
Market resilience
TA-125 index up over 4% Thursday
The flagship index of the Israeli stock exchange, TA-125, has been on an upward trajectory since the start of the Iran-Israel war on June 13.
It has gained nearly 5% in June so far, building on a 6.55% rise seen in May and a 4.53% gain recorded in April.
Despite the missile strikes at the stock exchange building site, traders remained optimistic with the major index up over 4% on Thursday.
Investor confidence
TASE's resilience amid ongoing conflict with Iran
The ongoing conflict between Iran and Israel has had a mixed but largely resilient impact on TASE.
Initially, indices like TA-125 and TA-35 saw temporary dips due to investor panic and geopolitical uncertainty.
However, factors such as strong fundamentals and investor confidence have helped maintain the stability of the exchange.
Attack impact
Iran retaliates against Israel, strikes hospital in southern Israel
Iran's missile strikes also hit a major hospital in southern Israel, leaving at least 32 people injured.
In retaliation, Israeli Prime Minister Benjamin Netanyahu vowed that Tehran would "pay a heavy price" for the attack on the hospital.
The conflict has escalated sharply since Israel's airstrikes on Iranian soil on June 13 targeting its nuclear infrastructure and military personnel.