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)