The Tel Aviv Stock Exchange opened the December 24, 2025 trading session with a broadly positive tone, extending momentum from recent global equity strength. Early gains came despite relatively low trading volumes, as international markets face widespread holiday closures and shortened sessions. For Israeli and global investors, the session reflects a balance between supportive global sentiment and the practical constraints of year-end liquidity.

Equity Indices Show Broad-Based Early Gains

Local equities posted across-the-board advances in early trading, signaling steady risk appetite at the start of the session. The TA-35 index rose 0.39% to 3,725.55 points, while the TA-90 added 0.30% to 3,826.23 points. The broader TA-125 index climbed 0.36% to 3,741.22 points, reinforcing the constructive tone across large- and mid-cap stocks. Sector-linked measures also participated, with the TA-90 and Banks index up 0.28% and the TA-125 Value index advancing 0.32%.

Turnover levels, however, remained modest. By 10:02 local time, total equity market turnover stood at approximately 46.2 million shekels, reflecting the impact of holiday-thinned participation rather than a lack of directional conviction. The absence of clear breadth data at this stage of the session underscores that much of the early move is index-driven, shaped by limited flows rather than aggressive positioning.

Bond Markets Reflect Stability and Cautious Positioning

Fixed-income trading painted a picture of stability rather than risk aversion. The All-Bond General index edged up 0.01% to 419.59 points, while the Tel Bond A-linked index gained 0.03%. Short-duration bonds remained unchanged, with the short-term bond index holding flat at 465.02 points. These movements suggest that investors are maintaining balanced portfolios, avoiding sharp shifts between equities and bonds during a session marked by low global participation.

Bond market turnover reached roughly 9.7 million shekels early in the session, reinforcing the view that institutional investors are largely in wait-and-see mode. With inflation expectations relatively anchored and no immediate domestic policy catalysts, bond pricing continues to reflect carry and stability rather than directional macro bets.

Global Backdrop and Holiday Effects on Local Trading

The Tel Aviv market is operating against a unique global backdrop on December 24. Major exchanges in the United States and Europe are either closed or operating shortened sessions due to Christmas, while Australia is also trading with reduced hours. This environment tends to amplify the influence of overnight sentiment while dampening intraday volatility.

Recent global equity strength, including record highs in U.S. benchmarks, has provided a supportive psychological anchor for local investors. At the same time, the lack of full participation from foreign institutional players limits the scope for sharp price discovery. For internationally oriented Israeli portfolios, currency movements and offshore futures markets are likely to remain key reference points throughout the day.

Outlook: What to Watch as Year-End Trading Continues

Looking ahead, the remainder of the December 24 session is likely to remain characterized by subdued volumes and incremental moves rather than decisive trends. Investors will be monitoring whether early gains can hold through the close, particularly as global futures and currency markets react to any unexpected macro headlines. Risks include sudden volatility stemming from thin liquidity, while opportunities may emerge in selective stocks benefiting from year-end rebalancing. As markets move deeper into the holiday period, discipline around positioning and liquidity management is expected to remain a priority for both local and global investors navigating the final trading days of 2025.