Israel-Hamas ceasefire: Israel’s Tel Aviv stock exchange rose as much as 2 per cent in Thursday’s trading session after the country signed first phase of ceasefire agreement with Hamas.
Israel’s benchmark stock index, the TA-125, advanced to 3,327 on October 9, marking a 1.89 per cent gain from the prior session. On a monthly basis, the index has risen 3.82 per cent and is trading 57.87 per cent higher than its level a year ago.
Meanwhile, TA-35 index was 1.50 per cent up to 3,250.94 on Thursday. The index has consistently witnessed a strong rally by soaring over 4 per cent in a month and 37 per cent in six months.
What’s behind the rally?
Israel and Hamas have reached the first stage of a US-mediated ceasefire deal, which includes the rapid release of all hostages in Gaza, an Israeli pullback to a designated point, and the release of certain Palestinian prisoners.
US President Donald Trump stated that the hostages are expected to be freed on Monday. However, his announcement did not cover unresolved issues in the proposal, such as Hamas’ disarmament and Gaza’s future governance.
Israeli Prime Minister Benjamin Netanyahu hailed the deal as a “diplomatic success and a national and moral victory” for Israel. Hamas expressed gratitude to Trump and other mediators, including Qatar, Egypt, and Turkey.
The deal comes nearly two years after the Hamas-led assault on Israel that claimed 1,200 lives. Since then, over 67,000 people have been killed in Gaza, according to the territory’s Palestinian health ministry.
Indian Prime Minister Narendra Modi also praised the agreement on the initial phase of Trump’s plan, describing it as a “reflection of the strong leadership of PM Netanyahu”.
“We hope the release of hostages and enhanced humanitarian assistance to the people of Gaza will bring respite to them and pave the way for lasting peace,” PM Modi said in a social media post.
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