EGX notes “significant boost” since January, benchmark jumps 39%: report
Egyptian stock Exchange - YOUM7 (Archive)

CAIRO: The Egyptian Exchange’s (EGX) benchmark index EGX30 hiked 39.1 percent from the beginning of 2014 till August 20, while EGX70 and EGX100 rose by 21.6 percent and 27.6 percent respectively, EGX revealed in a Thursday statement.

“EGX indexes witnessed a significant boost from the beginning of the year till the August 20 session,” the statement read.

EGX20 recorded a 43.6 percent rise while S&P/EGX ESG that concerns the corporate governance recorded a 63.6 percent rise during the mentioned period, EGX added.

According to the statement, the weights of big companies comprising EGX30 were not an element governing the previously mentioned elevation.

The stock exchange studied the impact of the absence of the top weighted companies; Commercial International Bank (CIB), Talaat Mostafa Group (TMG), (Global Telecom was in the second rank before August 2014) and EFG Hermes (TMG was ranked third before August 2014) whose collective weights during the period were between 42 percent and 49.5 percent of the index.

The index has been re-calculated after excluding those companies on a daily basis since the beginning of the year and the results indicated a rise of 54.6 percent compared to 39.1 percent when they are included.

“This denotes that the presence of these companies in the index was the reason for curbing the rising achievement and not the opposite,” added the statement.

A comparative study on the performance of different indexes since June 30, 2013, revealed that the main index edged up 98.6 percent during that period, compared to an increase of 117.7 percent for EGX20. EGX70 and EGX100 both rose by 83.1 percent, EGX detailed.

The statement added “This reflects the convergence of the performance of EGX30 with the other indices.”

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