Dow Jones Indexes, a leading provider of global index, made an announcement about the launch of Dow Jones MENA Broad Stock Market and Dow Jones Saudi Titans 30 Indexes. The Dow Jones MENA Broad Stock Market Index will be measuring the performance of stocks that have high trading volumes. These stocks are either large-cap or mid-cap equities that are traded in the stock markets of Middle East and North Africa (MENA) region.
The Dow Jones Saudi Titans 30 Index is for measuring the largest and most liquid 30 equity securities which are traded on the Saudi Stock Exchange. The motive of both indexes is to serve the financial product. The President of Indexes, Michael A. Petronella, “Our Dow Jones MENA Broad Stock Market Index is an ideal benchmark for gaining perspective on the stock markets in the Middle East and North Africa region.” He also said that, “Additionally, the Dow Jones Saudi Titans 30 Index offers investors a unique view of the largest and most liquid stocks trading on the Saudi Stock Exchange.”
Presently, The Dow Jones MENA Broad Stock Market Index covers Egypt, Bahrain, Kuwait, Jordan, Morocco, Lebanon, Qatar, Oman, Tunisia, Saudi Arabia and the United Arab Emirates. The weighting of the index is based on float-adjusted market capitalization and is reviewed every quarter. Even, the Dow Jones Saudi Titans 30 Index is weighted on the basis of float-adjusted market capitalization. The weight of each component is capped at 15% of the index’s total float-adjusted market capitalization.
US Dollar is the currency used for the calculation of Dow Jones MENA Broad Stock Market Index; the index calculation began on September 27, 2010. Also, the calculation of Dow Jones Saudi Titans 30 Index is done in terms of US dollars and its calculation started on February 19, 2010. The Dow Jones MENA Broad Stock Market Index had a performance till date of 8.44% and 6.47% was the performance of Dow Jones Saudi Titans 30 Index as of September 30, 2010.
Credit: Business Today