Standard & Poor's said on Monday it will launch two equity indices along with Harel Financial Group that will track Israel's energy and telecommunications sectors.
The S&P;/Harel sector indices are part of a collaboration whereby S&P; will launch the indices while Harel, one of Israel's largest insurance companies and brokerages, will issue investment products that track them.
On February 23, Harel will issue two products based on the S&P;/Harel Tel Aviv Energy and S&P;/Harel Tel Aviv Telecommunication indices.
Alka Banerjee, vice president at S&P; Indices, said: "Our full expectation is that these indices will be the first of a family of indices serving both Israeli investors and those from outside of Israel looking to access this market."
Each index within the S&P;/Harel sector indices is made up of 12, 15, 20 or 25 of the largest eligible publicly traded Israeli companies listed on the Tel Aviv Stock Exchange within industry sectors and sub-industries, the companies said.