TASE Semi-Annual Index Update: Doral and El Al Eye TA-35 Inclusion
The Tel Aviv Stock Exchange approaches its semi-annual index update, with Doral and El Al poised to enter the TA-35 index while Damri, Shufersal, and Kenon face potential exclusion.
The Tel Aviv Stock Exchange is approaching the final days of the "determining ten days" for its semi-annual index updates, which will take effect in November. The current market outlook indicates that three stocks will leave the flagship TA-35 index, while only two will enter, leaving the index temporarily expanded due to the fast-track inclusion of cyber giant Palo Alto in August.
Race for the Top Indices
According to data from SmartBull, renewable energy company Doral and national carrier El Al are the leading favorites for promotion, both potentially entering the prestigious TA-35 index for the first time. Doral leads with an average ranking value of 11.44 billion shekels, closely followed by El Al at 11 billion shekels. Meanwhile, three stocks are currently heading out of the TA-35 index, led by Yigal Damri's construction firm Damri, alongside Shufersal and Kenon Holdings.
"A rapid capital raising effort of about 160 million shekels by Kenon, or roughly 360 million shekels by Shufersal, could shuffle the cards at the last moment and keep one of them in the index."
TA-90 Index Overhaul
Simultaneously, the TA-90 index is expected to undergo a more extensive transformation. Six companies have essentially secured their entry, led by real estate and infrastructure firm Tidhar with a market value of 7.5 billion shekels, followed by Alpha Tau, Avisror, Telsys, Afcon, and Bagira. On the flip side, six companies are facing almost certain exclusion due to sharp drops in valuation, including Electra Real Estate, Ashot Ashkelon, and QualiTau.
