Over the past year, half of the 100 Israeli companies traded on Wall Street fell more than 50% from their peak, and only 20% saw single-digit falls, financial daily Globes reported over the weekend.
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The report cited Oppenheimer Israel senior equity analyst Sergey Vastchenok as saying that investors are losing the appetites they had for tech stocks at the start of the COVID pandemic, as the Nasdaq Index is down 9.7% from its peak.
"There is certainly a change in investors' tastes," Vastchenok said. "The process began with remarks by [Federal Reserve] chair Jerome Powell about plans to raise the interest rate."
Vastchenok described how the expectations of investors shifted for a swifter recovery of the economy from the COVID crisis: "Despite the wave of cases in Israel and around the world, the market is behaving as if COVID is already over in all investment options," he said, adding that people are "learning to live with COVID."
"We see accelerated growth and inflation and investors are seeking options in the old economy," he continued, Globes reported.
The analyst explained how during COVID, investors sought options with "COVID immunity" that succeeded in growing despite difficult "macroeconomic conditions."
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However, the stocks that most identified with COVID then are now falling the most.
Among such Israeli stocks in recent descent are web development firm Wix, online marketplace Fiverr, and software company LivePerson.
While they continue to grow as businesses, investors don't care, returning to stocks that were popular pre-COVID as some consider the virus to be entering into its endemic phase.
i24NEWS contributed to this report.
