Israel's bluechip share index hit a record closing high on Wednesday, having lagged many of its counterparts across the world for nearly three years as political instability clouded investor perceptions towards the Middle East. The Tel Aviv 25 index rose 0.7 percent to close at 1,344.34 points, surpassing the prior record of 1,341.89 hit in April 2011 and only marginally off its all-time high. The broader TA-100 gained 0.7 percent to 1,213.26 points, about 40 points shy of its record.
That took the bluechip index's gains so far this year beyond 13 percent, though traders said prospects of a further rally will depend in part on how international talks with Iran over its nuclear programme progress. The index gained 9.2 percent in 2012 and fell 18.2 percent in 2011, when the Arab Spring revolts flared in neighbouring Egypt and Syria.
By comparison, Europe's FTSEurofirst 300 index is up close to 15 percent this year after a 13.2 percent rise in 2012 and 10.7 percent decline in 2011 - itself eclipsed by Wall Street's Nasdaq Composite. The local market this year has largely been driven by gas exploration companies, which comprise some 10 percent of the TA-25 index. Delek Drilling and Avner Oil Exploration, for instance, are up nearly 30 percent this year.
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