The Tel Aviv Stock Exchange (TASE) Tel Aviv 25 Index rose today to 1,261 points, a level last seen in July 2011, and just 6% shy of the all-time high set in April 2011. The latest rally on the TASE has continued since the tensions in Syria eased. Since September 8, when the Tel Aviv 25 Index stood at 1,165 points, it has gained 9%, compared with 3.3% for the S&P 500 Index.
Despite the rally, the Tel Aviv 25 Index has only narrowed the underperformance compared with leading Western indices. Since the beginning of the year, the Tel Aviv 25 Index has gained 6.4%, compared with 17% by the S&P 500, 9.5% by the London Stock Exchange's FTSE 100, and 11.5% by Germany's DAX 30.
Since November 2011, the Tel Aviv 25 Index has gained 21%, compared with 31% by the FTSE 100, 51% by the S&P 500, and 68% by the DAX 30. The S&P 500 is now 25% above the high it reached in 2011, the FTSE 100 is 8.5% above its April 2011 peak, and the DAX 30 is 7.5% above its 2011 peak.
The Tel Aviv 25 Index has also underperformed in comparison with secondary TASE indices since the beginning of the year. Over this period, the Tel Aviv 75 Index has gained 17% and the Mid-Cap 50 Index has gained 34%.
Published by Globes [online], Israel business news - www.globes-online.com - on September 23, 2013
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