ECONOMY

Istanbul plans joint stock index with Athens, Cairo

ISTANBUL – 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 yesterday. 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. Exchange trade 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 percent over the last 12 months, making it one of the best performers in emerging markets. The main Turkish index has risen 9.9 percent over the same period, while the Athens bourse’s benchmark general index has fallen 6 percent over the last 12 months.