— A wave of selling swamped the Tel Aviv stock exchange for the third consecutive day today as thousands of shareholders rushed to unload stocks that had soared by an average 32 percent last month. As stocks, particularly industrial shares, plummeted, some observers likened the panic to Wall Street’s “Black Thursday” in 1929.
Experts noted that Israelis have been investing heavily in stocks during the past year as a hedge against inflation, driving prices up to a point where they no longer reflected the true value of the shares. The selling wave may have been triggered by rumors of an impending tax on capital gains from the stock market transactions. They were promptly denied by the Treasury.
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The Archive of the Jewish Telegraphic Agency includes articles published from 1923 to 2008. Archive stories reflect the journalistic standards and practices of the time they were published.
