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Market awaits new index in March to stimulate trading, says bourse’s chairperson - Daily News Egypt

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Market awaits new index in March to stimulate trading, says bourse’s chairperson

Net foreign purchases rose to EGP 21.98bn during period from flotation to December 2018


The Egyptian Exchange (EGX) revealed plans to launch a new index and to replace one with another during the next two months, the Egyptian bourse’s Chairperson Mohamed Farid informed a reported on Thursday.

This step is part of the EGX’s plan to restructure indices, Farid added during a press conference.

In August 2018, the chairperson stated that the EGX’s board of directors nodded to restructure the main market indices.

The EGX includes various indices, namely the EGX20 Capped; the EGX30; the EGX50; the EGX70; the EGX100, and the Nile Index.

Meanwhile, net foreign purchases on the EGX rose to EGP 21.98bn($1.23bn) during the period from November 2016 to December 2018, according to Farid.

From September 2014 to October 2016, foreign purchases totalled EGP 2.04bn, Farid noted in a press conference on Thursday.

The trading value jumped about 50.3% from November 2016 to December 2018, Farid also revealed.

Over the course of 2018, the benchmark EGX30 index plunged by 1,983.37 points, or 13.21%, to close at 13,035.77 points compared to 15,019.14 points, after 43bn shares were exchanged at a turnover of EGP 188bn.

Since January 2018, the bourse’s market capitalisation retreated by EGP 75.2bnto EGP 749.7bn from EGP 824.91bn.

In 2017, the benchmark EGX30 index hiked 21.66% or 2,674.25 points to a record high of 15,019 points.

Farid added that trading value surged 50.3% since the Egyptian pound flotation in November 2016 until December 2018.

The EGX’s traded value amounted to EGP 778bn from November 2016 to December 2018, up from EGP 518bn since 2014 until October 2016, Farid added on the sidelines of a press conference.

Over the course of the previous year, the benchmark EGX30 index fell 1,983.37 points, or 13.21%, to close 2018 at 13,035.77 points, after 43bn shares were exchanged at a turnover of EGP 188bn.

Since January 2018, the bourse’s market capitalisation decreased by EGP 75.2bn to EGP 749.7bn from EGP 824.91bn.

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