Egypt's bourse launches new index

CAIRO - 31 January 2019: The Egyptian Exchange will launch on Sunday a new fixed-weighted index dubbed "EGX30 Capped" that will include the activities of top 30 companies in terms of liquidity.

The index will measure market capital based on the percentage of free-floated shares and the weight of each company within the index.

The step comes as part of bourse's plans to develop its indices to meet the demands of all effective partners in the Egyptian money market.

The new index sets a 15 percent maximum weight for each company during quarterly review.

The move aims at banning the control of limited number of companies on the index movements.

With the new index taking into effect, EGX20 Capped will be no more effective.