JERUSALEM Feb 12 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)