TECH - Iran's Revenge Promise Against Israel Is Taking Down Its Stock Market — But Large Tech Companies Appear Immune | Benzinga
Israel-related stocks and exchange-traded funds (ETFs) are suffering as investors shying away from the Middle Eastern country over fears of escalating conflict with Iran.
Yet the largest Israeli tech companies boasting a global footprint are being spared by investors hedging against broader conflict in the region, which is focused on those catering to the internal market or heavily exposed to regional distress.
What Happened: The TA-35 Index, following the 35 largest companies in the Tel Aviv Stock Exchange, registered losses over the 3% mark this week.
Losses began on Tuesday after Tehran promised retaliation over an airstrike by Israeli forces in an Iranian embassy compound in Damascus, Syria.
An attack that occurred on Monday in Syria killed twelve people, including four civilians, several senior Iranian military and intelligence officials and a member of the Iran-backed Lebanese militant group Hezbollah.
Israel is facing major criticism by the UN, Western nations and other allies, including the U.S., for the rising death toll in Gaza, which topped the 33,000 lives on Thursday according to the Gaza health ministry.
The casualty figures provided by the ministry do not distinguish the difference between civilians and combatants or provide the cause of death.
Israeli leadership launched a massive bombing campaign in Gaza in an effort to dismantle Palestinian militant ...