The Egyptian Mobile phone operator, MobiNil, has been added to the new FTSE All-World Index, used by investors as a benchmark for emerging markets. The new addition brings the number of Egyptian stocks registered in the index to 23, out of the total 2,414 stocks.
MobiNil constitutes 0.01 percent of the total index, though Egypt's overall share volume still remains insignificant.
Morgan Stanley Capital International (MSCI) announced earlier this year that it was considering adding Egypt and Morocco to its emerging market index series. The growing number of Egyptian stocks on the FTSE All-World Index will most likely pave the way for Egypt's inclusion in MSCI's prestigious index.
The All-World Index combines FTSE's World Index and the ING Barings Emerging Markets Index, covering altogether 49 countries. Developed markets make up 95 percent of the new index, advanced emerging markets - 3.2 percent, and emerging markets account for the remaining 1.8 percent ― (Albawaba-MEGB)
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