Israeli firms on US stock exchanges take a hit after reasonableness law passes

Luke Tress is a JTA reporter and a former editor and reporter in New York for The Times of Israel.

Israeli companies that trade on US stock exchanges take a hit as the market opens after the Knesset passes the reasonableness bill into law.

Several exchange-traded funds that bundle Israeli companies on US exchanges see their share prices drop by around 1.5% in morning trading, while the rest of the US market trends upward.

Leading Israeli companies on New York exchanges including Elbit, Wix, monday.com, SolarEdge and NICE Ltd. all trend downward. A few companies such as Mobileye and Teva, which both have significant facilities outside Israel, see shares climb with the rest of the market.

The Tel Aviv Stock Exchange’s benchmark TA-125 index is down 2.32%.

Business leaders have consistently warned that the judicial overhaul would harm Israel’s economy, including by stoking uncertainty and discouraging foreign investment.

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