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February 23, 2020
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EGX

EGX launches its Equally Weighted Index EGX70EWI

Posted: Monday, 3 Feb 2020

EGX70EWI includes top 70 companies in terms of liquidity and activity after excluding the constituents of EGX30 and deleting the current EGX70 Index. The Equal weight index methodology is one of the approaches adopted by many international institutions. This Index was adopted after deliberations held with all market participants. The Egyptian    Exchange launches its equally weighted index EGX70EWI today, 02 February 2020. The index calculation started on 2nd of January 2008 with value of 1000 points. Every company in the EGX70EWI have a weight of 1.43% at each quarterly review. The new Index increasing the chance of developing financial products such as Exchange Traded Funds, as the index is a good tool for financial institutions to issue Exchange traded funds, or mutual funds that could track the index performance passively “Index Tracking”. The index is also in line with the requirements of the market participants, especially mutual fund managers looking for a benchmark index that use equal weight method. The index complies with the amended percentage mentioned in the executive regulations of the capital market law and this would contribute to the promotion of the of mutual funds’ performance. Mohamed Farid Saleh, Executive Chairman of EGX said that the methodology for calculating the new index is one of the approaches adopted by many international institutions that issue indicators reflecting its companies’ performance which is a better indicator of their price performance. For more information about the EGX70EWI Index click on the link below:

Related Link: https://www.egx.com.eg/getdoc/e40d12c9-d5e9-4121-b4eb-c3d7fa833c77/EGX-70-EWI-criteria-methodology-English2.aspx
 
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