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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