In its continuous efforts to upgrade its services to market participants and help them tracking a larger segment of traded companies in the Egyptian market, the Egyptian Exchange (EGX) is launching a new price index; EGX 70 Price Index, on 1st of March 2009, which measures the performance of the 70 active companies, after excluding the 30 most active constituent-companies of EGX 30 Index. The new index will be computed and published throughout the session.
EGX 70 index measures the change in the companies' closing prices, without being weighted by the market capitalization, and was retroactively computed as of 1 January 2008.
From another perspective, CASE 30 Index, the main benchmark of the Egyptian Exchange, was renamed EGX 30 Index, to reflect the change that occurred in the name of the Exchange, since Cairo and Alexandria Stock Exchanges have been replaced by the Egyptian Exchange (EGX), as per Law No 123 of Year 2008, which amended certain provisions of the Capital Market Law No. 95 of the Year 1992.
Moreover, EGX decided to compute and maintain EGX 30 Index in US dollar terms; a common currency unit that helps in comparing stock exchange performances or alternative investment instruments, and better serves foreign investors. The index will be calculated and published at the close of the session only, starting 1st of March 2009.