The Tel Aviv market opened on a subdued note on Monday, November 18, 2025, with key indices registering modest theoretical declines. Investor sentiment appears cautious, with a broad distribution of losers over gainers, and market turnover in equities remains effectively flat. Bond markets are showing more stability, though selective sectors continue to reflect marginal gains and losses.

Equities Overview

TA-35 opened at 3,408.01 points, reflecting a theoretical decrease of 1.26%. The index shows a broad-based decline, with only 2 advancing stocks compared to 30 in retreat, while 3 remain unchanged. The wider TA-90 index also opened lower at 3,660.25 points, down 0.34%, indicating that mid-cap stocks are facing similar selling pressure. The TA-125 index saw a sharper theoretical drop of 1.05% to 3,461.15 points, with 61 stocks declining and only 6 advancing. Overall, the distribution highlights a cautious market environment where risk appetite is limited, and investors are digesting global and domestic economic signals before committing to larger trades.

The sectoral breakdown shows the TA-90 Banks sub-index opening at 3,789.60 points, down 0.30% on theoretical pricing, suggesting continued pressure on financials amid concerns about interest rates and credit conditions. The TA-125 Value index decreased 0.57%, further underscoring a preference for defensive positioning among investors. Meanwhile, the TA-Sector Balance index declined 0.87% to 4,049.36 points, indicating that sector rotation remains a key theme for market participants.

Bond Market Activity

Trading in the bond market shows a mixed picture. The All-Bond General index edged down 0.01% to 419.71 points, with a turnover of 9.15 million NIS. Short-term, inflation-linked bonds, including the Bond-Linked A index, posted slight gains of 0.04%, highlighting continued demand for inflation protection. Meanwhile, the Bond 60 Linked index saw a marginal decline of 0.02% on moderate volume. The short-term bond index maturing within a year remained unchanged at 463.31 points, with a turnover of 230.62 thousand NIS, reflecting a selective but steady demand for safer fixed-income instruments.

The overall bond market reflects a cautious but balanced sentiment. Investors appear to be weighing the relative safety of government and high-grade corporate debt against the broader market weakness in equities, particularly in the banking and mid-cap sectors.

Trading Dynamics and Market Sentiment

Market activity remains light, particularly in equities, where total turnover is effectively zero in early trading. Of the stocks traded, the number of losers significantly outweighs gainers, pointing to a market with low conviction. In contrast, bond market turnover is more meaningful, suggesting that investors are shifting resources toward instruments perceived as safer amid current uncertainties.

Investor sentiment may also be influenced by ongoing macroeconomic developments, including potential changes in global interest rates, inflation expectations, and domestic policy updates. Market participants are closely monitoring these factors for signals that could trigger either renewed buying or further defensive positioning.

Looking ahead, the Tel Aviv market may continue to experience cautious trading as investors balance equity risk against bond stability. Key factors to monitor include liquidity trends, performance of the banking sector, and potential shifts in domestic and global economic policy. Selective opportunities may emerge in defensive equities and inflation-protected bonds, but overall risk management remains a priority in this measured market environment.