مجلة الباحث الاقتصادي - Economics Researcher's Journal -
Volume 11, Numéro 1, Pages 140-152
2024-12-31

The Role Of Financial Indices In Measuring Stock Exchange Performance - A Comparative Study Between Global, Regional, And National Indices –



Authors : Cedra Anissa .

Abstract

This study aims to analyze financial indices and examine how their values are calculated and utilized to evaluate the performance of stock exchanges. It addresses three main methods for calculating these indices: price-weighted, value-weighted, and arithmetic and geometric means. The study explores the advantages and disadvantages of each method, providing illustrative examples to demonstrate how the choice of method impacts the results of the index. Computational methods were employed to illustrate how the relative weights of stocks in indexes are determined based on price or market value. It also discussed the procedures for calculating average index values employing arithmetic and geometric means. The study also analyzed various prominent financial indices globally, including those from the United States, Europe, Asia, and the Arab world. The results demonstrate that each method for calculating indices has advantages and disadvantages, making it essential for investors to thoroughly understand these methods when comparing their portfolios' performance with market benchmarks. The study also highlighted the importance of understanding the basis for calculating indices to ensure accurate evaluation and comparison.

Keywords

Stock Exchange Performance Indices ; Price-Weighted Approach ; Value-Weighted Approach ; Arithmetic and Geometric Means ; Dow Jones Industrial Average (DJIA) ; Algerian Stock Exchange Index (DZAIR INDEX)

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