EGX to launch new equal weighted index EGX50 next Sunday

EGX to launch new equal weighted index EGX50 next Sunday

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The Egyptian Exchange will launch a new equal weighted index (EWI) EGX50 next Sunday August 2, 2015, according to a press release issued by the EGX on Sunday.
 
The Indices Committee said that the EGX50 index would be a better measure of market performance.
 
The Indices Committee also amended conditions for inclusion in the EGX30, opening the door to newly-listed companies and allowing companies with lower free floats to be included. Companies with free floats of less than 15 percent can now be included in the EGX30 provided they do not drop below 5 percent and meet the minimum required capital of LE100Mn.
 
Also the condition of the exclusion of companies that have turned in net losses for three or more years in a row has been lifted. There has been a reshuffle of eight companies in the EGX30; the winners include Edita, GB Auto, Qalaa Holdings (Sidi Kerir, and Credit Agricole, all of which join EGX30, while Arabian Cement drops out of the benchmark.
 
While EGX70 index have witnessed the removal 18 companies, two of them have joined EGX30 index. EGX100 index witnessed the removal of 16 companies.

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