Istanbul bourse in joint index with Cairo, Athens

The Istanbul Stock Exchange has started work on forming a joint index with its counterparts in Athens and Cairo after reaching an agreement on the project, the chairman of the Istanbul bourse said on Friday.

Exchange Chairman Huseyin Erkan told a conference that agreement had also been reached on creating exchange-traded funds which would be listed on the three bourses.

He said the joint index would encompass a portion of the shares listed on the three exchanges.

The Istanbul Stock Exchange was also planning to create exchange-trade funds that it aimed to be traded in Dubai and other Gulf countries, he said.

The benchmark Cairo index has risen 42% over the last 12 months, making it one of the best performers in emerging markets.

The main Turkish index has risen 9.9% over the same period, while the Athens bourse's benchmark general index has fallen 6% over the last 12 months. (Reuters)

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