European-Listed Companies with Israeli Exposure Experience Share Price Decline Amid Middle East Conflict Concerns
Shares of European-listed companies with significant business exposure to Israel have witnessed a decline in their stock prices due to concerns over the potential impact of the escalating conflict in the Middle East. Energean, a UK and Israel-listed oil producer focused on the Eastern Mediterranean, experienced a significant drop of up to 16.8% on the STOXX Europe 600 benchmark index. Similarly, London-listed BATM Advanced, an Israel-based technology firm, saw its shares fall by 8.5%, while MTI Wireless, an Israeli antennas maker, witnessed a decline of over 11% in London.
Energean clarified that its operations in the northern area of Israel, where it is based, were not under attack, and production, supply, and offshore work were continuing. The company stated that it is closely monitoring the events and is prepared to manage any scenario, providing updates as necessary.
BATM Advanced, despite not expecting the recent developments to have a material impact on trading, experienced a decline in its share price. Similarly, Adani Ports And Economic Zone, owned by billionaire Gautam Adani, witnessed a decrease of up to 5.2%. Adani Ports operates the Haifa Port in Northern Israel, which remains operational.
The conflict in the Middle East continues as Israel’s troops battle Hamas gunmen who crossed the fence from Gaza. The Israeli army, after the largest mobilization in its history, has announced plans to go on the offensive. Fighting is ongoing in various locations inside Israel, where the gunmen are still holed up after a raid that resulted in the death of 700 Israelis and the seizure of hostages.
As the situation unfolds, investors are closely monitoring the potential implications for companies with business exposure to Israel. The affected companies are committed to managing any scenario that arises and will provide updates accordingly.