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The Tel Aviv Stock Exchange is launching a new index, called the Yeter 120, which is expected to replace the Yeter 150 index.
The 120 stocks with the highest market value among those that are not in the Tel Aviv 100 index will be included in the new index, which will begin trading in April
The TASE has established new threshold conditions regarding a company's value and the percentage of public holdings: The minimum level of public holdings required will be 20 percent, while the minimum value of the public's holdings will be NIS 35 million. Additionally, company shares that will be included in the index will be among the 300 most traded stocks on the TASE.
TASE Senior Vice President and Head of the Trading and Clearing Department Dror Shalit said the index is meant to provide continuous information about the state of prices of mid-cap shares.
"The threshold conditions that have been established for the new index ensure a higher quality index, one that includes shares at a higher trading level," Shalit said.
The assessed value of the shares to be included in the new index is NIS 41 billion, he said, with the largest stock constituting 1.9% of the index and the smallest accounting for 0.32%.
Shalit noted that, like other TASE indices, this index would also be able to serve as an underlying asset for instruments that track indices, including Exchange Traded Funds (ETFs) and mutual funds, which account for about 20% of trading on the TASE.
The Yeter 150 index has been trading up since the beginning of the year, returning more than 13%. It currently comprises the 150 stocks with the highest market value that are not included in the Tel Aviv 100 index from among the 350 most traded stocks on the TASE. Begun in 2002, the index's composition is updated twice a year, in January and July. Companies traded in the index include First International Bank of Israel, Dan and Delek Energy.