The Tel Aviv Stock Exchange ended August 20 with a mixed performance as investors continued to differentiate between market segments following the sharp volatility seen earlier in the week. Mid-cap shares remained relatively resilient, while the large-cap TA-35 moved lower. The session also showed a more uneven picture across value stocks and fixed-income markets.

TA-90 Extends Its Recovery

The TA-90 Index was the strongest major equity benchmark during the session, rising 0.72% to 3,669.44 points. Forty-eight securities advanced, compared with 40 decliners and two unchanged securities.

The gain extends the index’s recovery following its sharp 2.68% decline on August 17. Since then, the TA-90 has benefited from stronger participation across its constituents, although the relatively balanced breadth on August 20 suggests that the latest advance was less broad than the previous session.

The TA-90 and Banks Index also gained, rising 0.16% to 3,904.93 points. Forty-eight securities advanced, while 45 declined and two remained unchanged.

The broader TA-125 Index was essentially flat, rising just 0.02% to 4,040.89 points. Sixty-six securities advanced compared with 58 decliners and two unchanged securities.

Large Caps Remain Under Pressure

The TA-35 Index declined 0.29% to 4,155.83 points. Eighteen securities advanced and 18 declined, leaving the benchmark with perfectly balanced breadth despite its negative close.

The session therefore showed a clear divergence between large-cap and mid-cap stocks. While the TA-90 continued to gain, the TA-35 remained under pressure, indicating that investors were still favoring selected areas of the broader market rather than driving a uniform advance.

The Tel Aviv Sector-Balance Index provided another positive signal, rising 0.33% to 4,611.36 points. Fifty-one securities advanced, compared with 48 decliners and one unchanged security.

The TA-125 Value Index, however, declined 0.33% to 4,127.16 points. Twenty-four securities advanced, while 30 declined and two remained unchanged. The move represents a pullback after the index’s particularly strong performance during the previous two sessions.

Bond Market Remains Mixed

The fixed-income market produced a mixed performance as investors continued to differentiate between bond categories.

The All-Bond General Index declined 0.04% to 432.41 points. Market breadth was slightly negative, with 253 securities advancing against 282 decliners and 80 unchanged.

The Short-Term Bond Index was unchanged at 477.90 points. Thirty-seven securities advanced, 34 declined and 64 were unchanged, indicating limited movement across the short-term segment.

Meanwhile, the Tel Bond-Adjoined A Index gained 0.08% to 438.72 points. Forty-six securities advanced compared with 30 decliners and three unchanged.

The Tel Bond 60 Adjacent Index also rose 0.03% to 428.26 points, supported by 40 advancing securities versus 14 decliners and six unchanged.

Trading Activity and Market Outlook

Trading activity remained relatively active, with stock-market turnover reaching approximately NIS 3.21 billion and bond-market turnover totaling approximately NIS 3.60 billion. The higher bond turnover highlights continued investor participation in fixed income even as the major bond indexes remained broadly stable.

The August 20 session reinforces the increasingly selective nature of the Tel Aviv market. Investors will likely monitor whether the TA-90 can maintain its recovery and whether strength eventually broadens into the large-cap TA-35. The recent pullback in value shares also warrants attention after their strong gains earlier in the week. Going forward, market breadth, trading volumes and the relative performance of mid-cap, banking and large-cap shares will help determine whether the current recovery can develop into a broader advance or whether the market remains locked in a period of consolidation and sector rotation.