February 12, 2017 / 11:12 AM / 3 years ago

Tel Aviv stocks mostly higher on first day of expanded indices

JERUSALEM, Feb 12 (Reuters) - Israeli stocks were higher on Sunday in the first day of trade in revamped indices on the Tel Aviv Stock Exchange (TASE) that expanded its blue-chip and mid-cap indices in an effort reduce risk to index-trackers and encourage foreign investment.

The new Tel Aviv 35 index replaces the TA-25 index and includes mobile phone operators Cellcom and Partner Communications, chipmaker TowerJazz, at-home soda machine maker SodaStream, insurance company Harel and five others.

The updated index includes new methodology and a requirement of companies’ free float of at least 30 percent, while limiting a share’s weight at no more than 7 percent by April.

The companies most affected by the weight cap will be drugmaker Perrigo, Teva Pharmaceutical Industries , Israel’s two largest banks — Hapoalim and Leumi — and drugmaker Mylan.

The TA-35 was up 1 percent at midday.

The TASE’s TA-90 mid-cap index was 0.5 percent higher and replaces the TA-75 while a new index of 60 small and medium enterprises, the SME-60, was down 3 percent.

The new broad TA-125, which replaces the TA-100, was 0.8 percent higher. (Reporting by Steven Scheer)

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