Nasdaq OMX launches Middle East North Africa Index

By Julie A. Miller

Washington, June 5 - The Nasdaq OMX Group, Inc. announced a new Middle East North Africa Index.

The new benchmark is a float-adjusted, market-capitalization weighted index comprised of the largest and most liquid companies domiciled in Middle Eastern and North African countries, the exchange said.

"The Nasdaq OMX Middle East North Africa Index enables investors to track companies in a region that has experienced robust economic growth and strong job creation in recent years," said Nasdaq OMX executive vice president John Jacobs in a news release.

Nasdaq OMX also announced that PowerShares Capital Management LLC, a provider of exchange-traded funds, will develop a fund based on the new index, which will be listed on the Nasdaq stock market.

The Nasdaq OMX Middle East North Africa Index is calculated in real time across the combined exchanges and is disseminated in dollars. The index commenced calculation Thursday with a value of 250.00.

The index currently includes companies domiciled in Bahrain, Egypt, Jordan, Kuwait, Lebanon, Morocco, Oman, Qatar, and the United Arab Emirates. It has diverse sector representation, Nasdaq OMX said, with financials having the largest weight, followed by telecommunication services, industrials, materials, energy, consumer discretionary and utilities.

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