Egypt enlisted in Stanley Morgan index

International Stanley Morgan (S.M.) establishment announced official enlisting of Egypt at the investment indexes to be issued starting from May 31, 2001. That is an indication of the confidence entrusted in the Egyptian economy and the Egyptian Financial Market.

Fourteen Egyptian companies have been registered on the EMFI and the international ACWI. Such declaration resulted in rising up of all active shares rates, particularly for those companies which were enlisted in S. M..

Both of the two bourses of Cairo and Alexandria, therefore, witnessed remarkable recovered activity. Investors felt optimistic and were strongly encouraged once more to enter the Stock Exchange Market.

Financial analyst, Nashwa Saleh, said that Egyptian market has been enlisted at EMFI with ratio weight of 0.28%, as S.M. applied the new criteria of choosing companies according to the free circulation, not on the basis of the total market capital. Thus, under the previous criteria Egypt's weight amounts to 0.46% of the index.

Saleh pointed to the fact that the total market capital of the enlisted Egyptian companies was $6.02 billion on April 9, 2001. The already enlisted value at EMFI is $2.53 billion representing the volume of the free circulation.

She added that the importance of enlisting Egypt at S.M. is that 90% of the investment firms are directed through indexes of S.M.. Egyptian ORASCOM-TELECOM was enlisted for the first time at S.M.. The Egyptian company for mobile telephones (MOBINIL) occupied the highest ratio weight at S.M. with a percentage of 21.4%.