The decline rate of some sectoral indicators reached 4%, and the insurance sector was the most affected. El Al Airlines shares fell by about 6% due to a Competition Authority investigation into the price increase it approved after the outbreak of the war on the Gaza Strip.
The performance of local stocks in 2023 was much lower than the performance of major global stock indices, which rose by about 20% despite the high interest rate environment. Israeli stocks and the shekel are closely linked to the Standard & Poor's 500 index and global technology stocks.