“TA-125 Index”的意思、由来-开放百科全书

The TA-125 Index, typically referred to as the Tel Aviv 125 and formerly the TA-100 Index, is a stock market index of the 125 most highly capitalised companies listed on the Tel Aviv Stock Exchange (TASE). The index began on 1 January 1992 with a base level of 100. The highest value reached to date is 1247.92, in January 2011.^[1] On 12 February 2017, the index was expanded to include 125 instead of 100 stocks, in an attempt to improve stability and therefore reduce risk for trackers and encourage foreign investment.^[2]^[3]

Overview

The index is maintained by the Tel Aviv Stock Exchange and is calculated in real-time during trading hours and published every 30 seconds. The index combines the companies that are listed in the TA-35 and TA-90 indices.^[4]

TA-35 Index

The TA-35 Index is the TASE's flagship index. It was first published in 1992 under the name "MA'OF Index". The TA-35 index tracks the prices of the shares of the 35 companies with the highest market capitalization on the exchange. It serves as an underlying asset for options and futures, Index-Linked Certificates and Reverse Certificates traded on the exchange and worldwide. The index also began on 1 January 1992 with a base level of 100, and expanded from 25 to 35 stocks together with the TA-125 in February 2017.

TA-90 Index

The TA-90 is a share index of the 90 most highly capitalised companies listed on the Tel Aviv Stock Exchange, which are not included in the TA-35 index. The index began in 1999 with a base level of 100. The index was expanded on February 12, 2017 to include 90 instead of 75 stocks, in an attempt to improve stability and therefore reduce risk for trackers and encourage foreign investment.^[5]^[6]

Weighting

Since February 2008, the TA-125 is calculated using a free float method, the total market capitalization of the companies weighted by their effect on the index, so the larger stocks would make more of a difference to the index as compared to a smaller market cap company. The basic formula for any index is (be it capitalization weighted or any other stock index).

The Free float Adjustment factor represents the proportion of shares that is floated as a percentage of issued shares. The free-float method, therefore, does not include restricted stocks, such as those held by company insiders.

A company's weight in the index has an upper-limit of 9.8%, the weight of a company that should be higher is limited to 9.8% and the rest is divided between the other constituents of the index. Since October 2007 this restriction has set the effective weight of Teva Pharmaceutical Industries at 9.8%.

To be included in the TA-35 index the company's stock also need to adhere to the following requirement: Meet a public holding threshold of at least 25% and a minimal value of 600 million NIS (to ensure that there is a significant Free float holding, which is not controlled by insiders).

The constituents of the indices are determined twice a year; on the first trading day in January and in July. The largest companies in the TA-125 index are promoted to the TA-35 index if their market capitalisation is 20% more than a current company.

Constituents

TA-100 – Index Components – As of 10 August 2011{{update needed|date=July 2016}}

Former members of the index

References

1. ^{{cite web|script-title=he:ת"א 100 – מבט לשווקים|url=http://finance.themarker.com/f/currency/indexIndPage.jhtml?IndType=1&secCode=1230|publisher=TheMarker|accessdate=2 September 2011|language=Hebrew|trans-title=TA 100 – Market overview|date=September 2011|quote=שער גבוה 12 חודשים}}
2. ^{{cite web|url=https://www.reuters.com/article/israel-stocks-exchange-idUSL8N1FX0B5|title=Tel Aviv stocks mostly higher on first day of expanded indices|agency=Reuters|date=12 February 2017|accessdate=2017-07-22}}
3. ^{{cite web|url=http://www.jpost.com/Business-and-Innovation/Move-over-TA-25-and-say-hello-to-the-TA-35-stock-exchange-to-update-main-indexes-443132|accessdate=2017-07-22|date=28 January 2017|title=Move over TA-25, and say hello to the TA-35; Stock exchange to update main indexes|website=The Jerusalem Post}}
4. ^TASE Indices Booklet{{Dead link|date=June 2018 |bot=InternetArchiveBot |fix-attempted=no }} TASE {{he icon}}
5. ^{{cite web|url=https://www.reuters.com/article/israel-stocks-exchange-idUSL8N1FX0B5|title=Tel Aviv stocks mostly higher on first day of expanded indices|agency=Reuters|date=February 12, 2017|accessdate=2017-07-22}}
6. ^{{cite web|url=http://www.jpost.com/Business-and-Innovation/Move-over-TA-25-and-say-hello-to-the-TA-35-stock-exchange-to-update-main-indexes-443132|accessdate=2017-07-22|date=January 28, 2017|title=Move over TA-25, and say hello to the TA-35; Stock exchange to update main indexes|website=The Jerusalem Post}}