FILE – EGX
CAIRO – 3 January 2019: Chairman of the Egyptian Exchange (EGX) Mohamed Farid announced creating a new index on the bourse and another one will be replaced within two months.
Farid clarified in a news conference that this step comes with EGX’s plan to restructure the indices.
Earlier in August, Farid said the board was looking forward to restructuring the main market indices.
Currently, EGX has seven indices which are EGX20, EGX30, EGX50, EGX70, EGX100, CSR, Nile Stock Exchange and Dollar Index.
“We need to restructure Egyptian stock indexes, provide some new indicators to focus on some sectors, and provide indicators that mainly reflect various financial factors,” Farid said previously.
During the news conference held to announce the annual data of EGX in 2018, Farid stated that the net shares' purchases of foreign investors at the Egyptian Exchange jumped to LE 21.98 billion since the flotation of the Egyptian currency (From November 2016 till December 2018).
The value of trading rose by about 50.3 percent from November 2016 to December 2018, recording LE 778 billion, compared to LE 518 billion during the period from 2014 to October 2016, Farid added.
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