Tel Aviv Stock Exchange Reports Market Split Ahead of Results

The Tel Aviv Stock Exchange is preparing to release third quarter 2026 financial statements on November 10 after market close, while market data shows major indices have risen despite declines across many listed shares, according to TASE figures and Globes.

The TASE said its financial statements for the period ended September 30, 2026 will be followed by an English conference call at 8:00 PM Israel time hosted by CEO Ittai Ben-Zeev and CFO Alon Solar.

According to Globes, the Tel Aviv 35 Index gained 16.3% in 2026 and the Tel Aviv 125 Index rose 10.9%, but 70 of the 125 companies in the TA-125 Index posted negative returns during the year.

Globes reported that around 340 stocks on the exchange had fallen during the year compared with about 190 that had gained. The Tel Aviv 90 Index, which includes many smaller companies, declined 6.5% during the year and 11% in the previous month.

Lior Vider, founder of Profit Multiplier consultancy, said the rise in leading indices was concentrated among a limited number of large companies, including semiconductor stocks Tower and Camtek.

"Beneath the surface, however, the picture is quite different. In most trading sessions, the strength of the leading indices rests on a handful of heavyweight stocks, headed by semiconductor stocks Tower and Camtek, which have risen sharply lately, and they obscure the real trend. In actual fact, most of the market suffers from deep weakness," said Lior Vider, founder of Profit Multiplier consultancy.

Vider also noted that 55 stocks, about 10% of all companies on the exchange, were at 52-week lows and averaged 45% below their 52-week highs, according to Globes.

"In a healthy market, a wave of rises rests on market breadth, widespread participation of a variety of sectors and of companies at all market cap levels," said Lior Vider, founder of Profit Multiplier consultancy.

Vider described the gap between index performance and broader stock weakness as a sign of limited participation in the market.

"When the main index displays stability or a rise based on only a handful of heavyweight stocks while most of the market is trending downwards, a situation is created of a hidden bear market. The indices simply present a false picture that is not evidence of general sentiment, and it’s enough for the leading stocks to take time out for the weakness to surface in the indices themselves," said Lior Vider, founder of Profit Multiplier consultancy.

Vider compared the pattern with the United States market, where he said large companies also account for a significant share of index gains.

"The gap that has opened up between the weighted S&P 500 and the S&P 500 Equal Weight Index brings home how narrow the rally in the US is," said Lior Vider, founder of Profit Multiplier consultancy.

"But across the ocean it’s a matter of huge and very profitable global companies, and in Israel the market is less liquid, and when the money flow just to a small number of big players, the remaining stocks are left without liquidity and come under heavy selling pressure," said Lior Vider, founder of Profit Multiplier consultancy.

Yaniv Pagot, TASE executive vice president for trading, indexes and derivatives, said differences between company performances reflected market conditions and sector exposure.

"That’s the beauty of a market in which there’s selectivity," said Yaniv Pagot, TASE executive vice president for trading, indexes and derivatives.

Pagot said companies respond differently to economic conditions, noting that real estate and construction sectors face different pressures while some businesses benefit from changing conditions.

"The market knows how to differentiate. The market is working, it’s not broken," said Yaniv Pagot, TASE executive vice president for trading, indexes and derivatives.

Anatoly Zeiman, head of Foreign Securities at the Tel Aviv Stock Exchange, said index gains did not represent the performance of most listed companies.

"The rises in the indices are driven by a small handful of big companies, while most companies on the market are traded on a declining trend or are marking time," said Anatoly Zeiman, head of Foreign Securities at the Tel Aviv Stock Exchange.

The TASE reported that third quarter results materials and the investor presentation will be available through official securities reporting systems and the company's investor relations website after publication.