EGX changes how it calculates closing share prices
Closing share prices on Egypt’s Stock Exchange (EGX) will be calculated according to the volume-weighted average, as long as this meets a minimum value based on the share’s trades over the preceding three months, according to a statement.
The conditional value is calculated by taking the share’s total value traded over the three months, dividing that figure by the number of trading days during that period, and multiplying the outcome by 0.5 percent
For the volume-weighted average price to be used, it must be more than the product of this equation or 100,000 Egyptian pounds, whichever is higher.
The new mechanism came into effect last Thursday but will be revised every three months, the bourse added.