TEL AVIV, Israel ( TheStreet) -- While many assume that the short-term impact of the turmoil in Egypt on Israel is likely to be minor -- whether President Hosni Mubarak remains in power or whether the country eventually goes through a regime change following a civilian uprising -- concerns of a domino effect loom.
Investors in Israel's stock market continue to anxiously monitor the political unrest in Egypt, its bordering neighbor to the south and a country with which it has had a frosty peace relationship for the past 30 years.
The Israeli stock market has had an incredible run during the past two years, rising 88% and 15% in 2009 and 2010, respectively, fueled by robust economic fundamentals, a stable and capital-rich banking system and high productivity rates.
Recent discoveries of large offshore natural gas deposits in Israeli territorial waters also have supported the upward momentum of the market. Still, geopolitical tensions remain a major obstacle.
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