The Istanbul Stock Exchange Introduces A New Index: TSKB Energy Index Monday, 3 May 2010
The Istanbul Stock Exchange (ISE) introduces a new index jointly with the Industrial Development Bank of Turkey (TSKB), the first private investment and development bank in Turkey. With “TSKB Energy Index”, TSKB aims to offer an alternative investment instrument in Turkey, reflecting its professional know-how on the energy sector in the capital markets. The Index is the first of its kind in Turkey and is launched on May 3, 2010.
“TSKB Energy Index” consists of the ISE-traded companies with a minimum of 40 per cent of consolidated revenues generating from the energy sector. The Index is intended to offer a benchmark for domestic and international investors seeking to monitor the performance of the energy sector in Turkey.
Mr. Hüseyin ERKAN, the ISE Chairman & CEO, pointed out the importance of this cooperation and the energy sector in Turkey, and said, “TSKB Energy Index has been created in order to reflect the price and return performance of the Turkish companies active in the energy sector. The constituent companies will be determined by TSKB and notified to the ISE. The Index will be calculated and maintained by the ISE.
The ISE currently calculates a total of 88 equity indices, consisting of 44 price and 44 return indices, in addition to 18 bonds and bills indices. TSKB Energy Index is the first index that the ISE calculates for another institution, and with the Index, the ISE offers its experience and know-how accumulated in the past 25 years. The ISE aims to improve its index creation and calculation services, and thereby to offer more diversified products to investors by establishing markets to trade index-based financial instruments, which are quite popular in developed markets.”
Mr. Halil ERO LU, General Manager of TSKB, said: “TSKB Energy Index is the fruit of the joint work of TSKB and the ISE. The Index will be a major one like the ISE 100 and the ISE 30 Indices. The importance that we attach to the environment and sustainable development is exhibited in all our activities. As an environment-friendly bank, we are pleased to cooperate with the ISE on such an important matter. Our mission should be to use energy resources in the most efficient way. I am proud of the step we have taken forward in this respect.”
The base date of the TSKB Price and Return Indices is December 31st, 2008, and the base value is 10,000. The ISE will feed the Price Indices at 10-seconds intervals and Return Indices at the end of the day to data vendors. The constituents of the Index will be updated quarterly in January, April, July, and October and any changes in the Index constituents will be announced five days prior to becoming effective.