The Tel Aviv Stock Exchange closed the week with significant losses, as major indices fell sharply on Thursday. The TA-35, TA-90, and TA-125 all declined by around 3%, driven by steep drops in insurance and banking stocks. Insurance companies saw a major correction after previous gains, while banks were hit by a warning from the finance minister about a potential doubling of a planned tax on excess profits if customer benefits are withdrawn.

The finance minister's remarks came during a public event, emphasizing his commitment to returning profits to citizens. Earlier in the week, a draft bill was published proposing a special tax on banks' excess profits, despite opposition from financial authorities who warn it could harm the economy and reduce consumer benefits. Banks have been required to provide relief measures to customers, but the new tax proposal has raised concerns about the future of these benefits.