Analysis:Israel's war-wary markets start to attract investors back

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JERUSALEM : A month on from the Oct. 7 attack by Hamas gunmen that killed 1,400 Israelis, investors are gradually returning to country's financial markets, warily accepting the descent into its worst security crisis in decades.

FILE PHOTO: The Bank of Israel building is seen in Jerusalem June 16, 2020. Picture taken June 16, 2020. REUTERS/Ronen Zvulun/File Photo

"The fact that the fighting is only in Gaza and not in the north is helping local investors to focus on the fundamentals," said Yaniv Pagot, head of trading at the Tel Aviv Stock Exchange. "We have known how to recover from difficult periods in the past and to return rapidly to prosperity. I have no doubt that it will do so this time as well," the bank's Governor Amir Yaron said.

At the same time, Israel's central bank"has been seen as putting together a credible package ", he added, which has helped ease concerns about a major dive in the currency creating financial instability and fueling inflation.Just two days into the war, the bank said it would sell up to $30 billion of foreign currency to defend the shekel and provide $15 billion of liquidity to the market via swap transactions.

MSCI's dollar-denominated Israel share index has recovered more than half of its initial losses too, and is down 6.3 per cent compared to 15 per cent lower in late October.

Source: Financial Digest (financialdigest.net)

 

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