Israeli shares tank in mid-day trading Wednesday after inconclusive election
Construction index was losing 8% in mid-day trading, banks were down 4% and the shekel is losing ground against the USD
Jerusalem - Benjamin Netanyahu secured the backing of an unexpectedly large majority of Israeli Jews in a historic election, ensuring his continued role as prime minister, likely in a caretaker capacity. Media reported that Netanyahu's bloc of right-wing, far-right, and ultra-Orthodox parties won 54 seats in parliament, vastly surpassing the 47 seats held by the opposition.
Results may still shift as counting proceeds, but the opposition's chances of unseating Netanyahu without Arab party support appear slim, as they ruled out such collaboration. Netanyahu, addressing his supporters after 3 a.m. at the party's election headquarters, emphasized Israel's military triumphs and proposed renewed joint military action against Iran with US President Donald Trump.
Trump, endorsing Netanyahu's victory, attributed his success to the endorsement. Eisenkot, the opposition leader, called on security chiefs to resist pressure and warned Netanyahu against using security for political ends. The election, held amid heightened security concerns following Hamas' attack in Gaza that killed 1,200 and took 251 hostages, reflected a significant shift in Israeli politics towards unapologetic Jewish nationalism and support for settlements on occupied Palestinian land.
Written by urgent.news from New Straits Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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