Egypt's Bourse launched a new index, EGX20, on Sunday, to include the most active, liquid stocks, with their relative weights capped at 10 per cent.
The EGX30 benchmark has no such capping, meaning its performance often reflects trade in a single high-cap share.
Market experts with whom Ahram Online talked downplayed the significance of the new index, despite claims from Bourse officials that it would boost trade.
"It is simply another way to look at the market. But at the end it is just part of the EGX30," said Eissa Fathy, vice president of the securities division in Cairo's chamber of commerce.
The EGX20 tracks the performance of the 20 most active companies in terms of market capitalisation and liquidity.
Bourse officials have said the listing will make it easier for mutual funds to deal in Egyptian equities.
"The new index aims at helping portfolio managers at investment funds," the exchange's chairman Mohamed Omran said last week.
Fathy explained that EGX20 will move similar to EGX30, but it will just "witness less severe fluctuations, whether up or down".
Egypt's stock exchange saw a severe drop last week, with the EGX30 falling almost 4 per cent, leading the exchange to suspend all trading for a half-hour to contain the plunge.
"I think we have enough indicators, but some traders might benefit from it," said Hesham Tawfiq, the chairman of Arabia Online Brokerage.
EGX20 has opened its first trading day in the green, gaining 1.48 per cent to reach 4,589 point around an hour before the close of trade.
EGX30, the main benchmark, is up around 1.61 per cent.
Shares in the index:
1. Amer Group Holding
2. Sidi Kerir Petrochemicals
3. Palm Hills Development Company
4. National Societe Generale Bank (NSGB)
5. Commercial International Bank (Egypt)
6. ELSWEDY ELECTRIC
7. T M G Holding
8. Pioneers Holding
9. Alexandria Mineral Oils Company
10. Ezz Steel
11. Egyptian Financial Group-Hermes Holding Company
12. Egyptian Kuwaiti Holding
13. Orascom Construction Industries (OCI)
14. Egyptian for Tourism Resorts
15. Orascom Telecom Holding (OT)
16. Maridive & oil services
17. Telecom Egypt
18. Egyptian Company for Mobile Services (MobiNil)
19. Citadel Capital - Common Shares
20. Juhayna Food Industries