Europe's Israel-exposed stocks fall over concerns of Middle East escalation (updated)
09/10/2023 11:23
(Adds Energean response, updates prices, details)
Oct 9 (Reuters) - Shares in European-listed companies
with major business exposure to Israel fell on Monday on
concerns over the potential for their operations there to be
affected by a possible escalation of the conflict in the Middle
East.
Energean ENOG.L fell as much as 16.8% in London, making
the UK and Israel-listed oil producer focussed on the Eastern
Mediterranean the top loser on the region-wide STOXX Europe 600
.STOXX benchmark index.
Energean said the northern area of Israel, where its
operations are based, was currently not under attack and that
production, supply and offshore work were ongoing.
"We are and will continue monitoring the events closely
and are prepared to manage any scenario and will update as and
when necessary," the company said in an emailed statement.
London-listed shares in BATM Advanced BVC.TA fell 8.5%
even as the Israel-based technology firm said it did not expect
the recent developments to have a material impact on trading.
Israel-based antennas maker MTI Wireless MWEE.L also fell
in London. They were last down more than 11%.
In India, shares of billionaire Gautam Adani's Adani Ports
And Economic Zone APSE.NS , which owns the shipping container
and tourist cruise Haifa Port in Northern Israel, fell as much
as 5.2%. Adani Ports said the port was operational.
Israel's troops were still battling on Monday to clear
out Hamas gunmen more than two days after they burst across the
fence from Gaza on a deadly rampage, and the army said it would
soon go on the offensive after the biggest mobilisation in
Israeli history.
Fighting raged at several locations inside Israel where the
fighters were still holed up after killing 700 Israelis and
seizing dozens of hostages in a raid that shattered Israel's
reputation of invincibility.
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WRAPUP 5-Clashes in Israel rage on as Hamas fighters still hold
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(Reporting by Danilo Masoni; Editing by Amanda Cooper and
Deborah Kyvrikosaios)
((Danilo.Masoni@TR.com))