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TASE’s board of directors approved (on December 14th, 2017), to launch a new equity index – the TA Sector-Balance Index. The index will comprise 100 major shares from a broad spread of sectors. The index will include shares from the TA-125 and the TA-SME60 indices, but will not include holding companies and biomed companies, with the exception of shares classified as pharma sub-sector.
The new index will reflect a broad spread of sectors from across the Israeli economy over a variety of fields of financial and non-financial activity in which the major companies traded on TASE are engaged. Subject to meeting the threshold criteria, the index will comprise 100 shares with the highest market value among shares included in the TA-125 or the TA-SME60 indices and that have a daily turnover of at least NIS 300 thousand.
In order to create a broad spread of sectors and companies, the maximum weight cap limit for any one company will be 2% and that the index will include up to a maximum of 15 companies from any particular sub-sector. A maximum weight cap limit has also been set for sub-sectors having the maximal representation. At this stage, the relevant ceiling is for the real estate sector that has 15 shares included in the index. In order to restrict the weighting of the real estate sector, a maximum weight cap limit of 1% has been set for each share from this sector (instead of the 2% maximum that applies to all the other sectors). Apart from the real estate sector, there are no other sub-sectors with the maximal representation (each of the other sub-sectors comprises less than 10 shares).
The main specification of the index (based on a simulation prepared by TASE - As of November 16, 2017) is as follows:
· Market value – approx. NIS 526 billion
· Free Float – approx. NIS 346 billion
· Number of sub-sectors – 24
· Sub-sector with the greatest representation – Real estate (15 shares)
· Sub-sector with the greatest weighting – Real estate (13.77%)
· Number of shares from the TA-35 Index – 31
· Number of shares from the TA-125 Index – 96
· Number of shares from the TA-SME60 Index – 4
The launch date for the new index has been scheduled for February 4th, 2018, which is also the date of the semi-annual update for the composition of the indices. The record date for determining the composition of the index will be at the end of trading on January 11th, 2018, which is also the record date of the semi-annual update for the composition of the indices. The base index for the TA Sector-Balance Index will be identical to the base index for the TA-125, on the launch date of the TA Sector-Balance Index.
The simulation of the proposed index’s composition, as of November 16, 2017, is as follows: |
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| No . |
Share |
Market Value (Millions,ILS) |
Weight |
Sub-Sector |
1 |
TEVA |
42,771 |
2.00% |
Pharma |
2 |
PERRIGO |
42,184 |
2.00% |
Pharma |
3 |
POALIM |
31,207 |
2.00% |
Banks |
4 |
LEUMI |
28,779 |
2.00% |
Banks |
5 |
AZRIELI GROUP |
23,272 |
1.00% |
Real-Estate & Construction |
6 |
ELBIT SYSTEMS |
21,196 |
2.00% |
Defence |
7 |
NICE |
17,826 |
2.00% |
Software And Internet |
8 |
ICL |
17,565 |
2.00% |
Chemical, Rubber & Plastic |
9 |
FRUTAROM |
15,960 |
2.00% |
Food |
10 |
BEZEQ |
14,920 |
2.00% |
Communications & Media |
11 |
MIZRAHI TEFAHOT |
14,440 |
2.00% |
Banks |
12 |
TOWER |
11,790 |
2.00% |
Semiconductors |
13 |
ORMAT TECHNO |
11,283 |
2.00% |
Cleantech |
14 |
DELEK DRILL L |
11,210 |
2.00% |
Oil & Gas Exploration |
15 |
DISCOUNT |
11,116 |
2.00% |
Banks |
16 |
STRAUSS GROUP |
8,337 |
2.00% |
Food |
17 |
MELISRON |
7,745 |
1.00% |
Real-Estate & Construction |
18 |
FIBI BANK |
6,873 |
2.00% |
Banks |
19 |
GAZIT GLOBE |
6,518 |
1.00% |
Real-Estate & Construction |
20 |
AMOT |
6,427 |
1.00% |
Real-Estate & Construction |
21 |
ISRAMCO L |
6,191 |
2.00% |
Oil & Gas Exploration |
22 |
ALONY HETZ |
5,952 |
1.00% |
Real-Estate & Construction |
23 |
PAZ OIL |
5,882 |
2.00% |
Energy |
24 |
AIRPORT CITY |
5,800 |
1.00% |
Real-Estate & Construction |
25 |
BAZAN |
5,774 |
2.00% |
Energy |
26 |
HAREL |
5,119 |
2.00% |
Insurance |
27 |
SODASTREAM |
5,019 |
2.00% |
Food |
28 |
SHUFERSAL |
4,934 |
2.00% |
Commerce |
29 |
PHOENIX |
4,436 |
0.61% |
Insurance |
30 |
MIGDAL INSUR. |
4,258 |
1.09% |
Insurance |
31 |
SHAPIR ENG |
4,089 |
0.79% |
Metal |
32 |
CLAL INSURANCE |
3,804 |
1.19% |
Insurance |
33 |
IDI INSUR |
3,613 |
1.45% |
Insurance |
34 |
BAYSIDE LAND |
3,558 |
1.00% |
Real-Estate & Construction |
35 |
BIG |
3,533 |
0.95% |
Real-Estate & Construction |
36 |
CELLCOM |
3,365 |
1.65% |
Communications & Media |
37 |
SHIKUN & BINUI |
3,293 |
1.00% |
Real-Estate & Construction |
38 |
PARTNER |
3,115 |
1.99% |
Communications & Media |
39 |
BRACK CAPIT N V |
3,020 |
1.00% |
Real-Estate & Construction |
40 |
FIBI HOLDINGS |
2,998 |
0.80% |
Banks |
41 |
ALROV PROPERT |
2,885 |
0.75% |
Real-Estate & Construction |
42 |
DELTA |
2,864 |
0.96% |
Fashion & Clothing |
43 |
MENORA MIV HLD |
2,710 |
1.02% |
Insurance |
44 |
NOVA |
2,689 |
1.84% |
Semiconductors |
45 |
REIT 1 |
2,518 |
1.00% |
Real-Estate & Construction |
46 |
JERUSALEM ECON |
2,472 |
1.00% |
Real-Estate & Construction |
47 |
AFRICA PROERT. |
2,440 |
0.77% |
Real-Estate & Construction |
48 |
RATIO L |
2,415 |
1.64% |
Oil & Gas Exploration |
49 |
MATRIX |
2,384 |
1.11% |
IT Services |
50 |
DELEK AUTOMOTIV |
2,372 |
1.01% |
Commerce |
51 |
CARASSO |
2,339 |
0.78% |
Commerce |
52 |
RAMI LEVI |
2,325 |
1.13% |
Commerce |
53 |
INDUS BUILDING |
2,302 |
0.30% |
Real-Estate & Construction |
54 |
LIVEPERSON |
2,161 |
1.81% |
Software And Internet |
55 |
SAPIENS |
2,161 |
0.95% |
Software And Internet |
56 |
NAPHTHA |
2,128 |
0.98% |
Oil & Gas Exploration |
57 |
FORMULA |
2,119 |
0.97% |
IT Services |
58 |
OPC ENERGY |
1,841 |
0.29% |
Energy |
59 |
INROM CONST |
1,820 |
1.14% |
Metal |
60 |
B COMMUNICATION |
1,674 |
0.63% |
Communications & Media |
61 |
PLASSON INDUS |
1,653 |
0.36% |
Chemical, Rubber & Plastic |
62 |
MAYTRONICS |
1,653 |
0.53% |
Electronics And Optics |
63 |
ELECTRA CO PR |
1,583 |
0.73% |
Commerce |
64 |
HILAN |
1,554 |
0.91% |
IT Services |
65 |
HADERA PAPER |
1,538 |
0.52% |
Wood & Paper |
66 |
GILAT |
1,434 |
0.52% |
Communications Equipment |
67 |
MAGIC |
1,375 |
0.61% |
Software And Internet |
68 |
KERUR |
1,357 |
0.48% |
Food |
69 |
UNION |
1,314 |
0.25% |
Banks |
70 |
AVGOL |
1,298 |
0.38% |
Wood & Paper |
71 |
FMS |
1,281 |
0.35% |
Fashion & Clothing |
72 |
NETO |
1,241 |
0.52% |
Food |
73 |
ENERGIX |
1,224 |
0.21% |
Cleantech |
74 |
ARKO HOLDINGS |
1,109 |
0.48% |
Energy |
75 |
SCOPE |
1,105 |
0.58% |
Commerce |
76 |
TAMAR PET |
1,065 |
0.68% |
Oil & Gas Exploration |
77 |
FOX |
999 |
0.50% |
Fashion & Clothing |
78 |
MEITAV DS |
980 |
0.37% |
Financial Services |
79 |
DEXIA ISRAEL |
928 |
0.26% |
Banks |
80 |
HAMLET |
911 |
0.28% |
Metal |
81 |
ONE TECHNOLOGI |
903 |
0.36% |
IT Services |
82 |
ARAD |
871 |
0.26% |
Electronics And Optics |
83 |
ENLIGHT ENERGY |
832 |
0.39% |
Cleantech |
84 |
ISSTA |
829 |
0.28% |
Hotels & Tourism |
85 |
DANEL |
824 |
0.65% |
Services |
86 |
TADIRAN HOLDING |
816 |
0.24% |
Commerce |
87 |
KLIL |
797 |
0.35% |
Metal |
88 |
EL AL |
772 |
0.80% |
Services |
89 |
DOR ALON |
772 |
0.18% |
Energy |
90 |
MALAM TEAM |
768 |
0.17% |
IT Services |
91 |
AFCON HOLD |
749 |
0.27% |
Electrical |
92 |
AUDIOCODES |
741 |
0.46% |
Communications Equipment |
93 |
CAMTEK |
736 |
0.32% |
Semiconductors |
94 |
ATREYU CAP |
693 |
0.35% |
Financial Services |
95 |
CASTRO |
674 |
0.18% |
Fashion & Clothing |
96 |
SHALAG |
662 |
0.23% |
Wood & Paper |
97 |
MAABAROT |
633 |
0.23% |
Food |
98 |
NAWI |
623 |
0.51% |
Financial Services |
99 |
PALRAM |
619 |
0.13% |
Chemical, Rubber & Plastic |
100 |
AERONAUTICS |
608 |
0.48% |
Defence |
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