Índice Bursátil de Capitalización

Índice Bursátil de Capitalización (IBC), also known as the General Index, is the main and most important index of Caracas Stock Exchange. It lists the 11 largest companies by capitalization and liquidity of the Venezuelan Stock Market.[1]

The index is calculated from 28 August 1997.[2]

History

When the index was launched on 28 August 1997, it comprised 15 companies: Cantv, Fondo de Valores Inmobiliarios, H.L. Boulton, Corimon, Manpa, Mercantil Servicios Financieros, Electricidad de Caracas, Banco Provincial, Venepal, Mantex, Sudamtex, Sivensa, Vencemos, Mavesa, and Banco Venezolano de Crédito.[3]

Mavesa is now a subsidiary of Empresas Polar. The Uruguayan-owned textile company Sudamtex closed down. Venepal declared bankruptcy in 2004, and was subsequently nationalised, becoming "invepal".[4] Cement company Vencemos, taken over by the Mexican Cemex in 1994, was nationalised in 2008, becoming Cementos Venezuela.

Effects of high inflation in Venezuela have caused the index to be adjusted three times since 2014:

  • Index divided by 1000 on 2 January 2014
  • Index divided by 1000 on 9 October 2017
  • Index divided by 1000 on 6 November 2018

Annual Returns

The following table shows the annual development of the General Index since 2001.[5]

Year Closing level Change in Index
in Points		 Change in Index
in %
2000 6.67
2001 6.57 −0.10 −1.50
2002 8.02 1.45 22.07
2003 22.20 14.18 176.81
2004 29.95 7.75 34.91
2005 20.39 -9.56 -31.92
2006 52.23 31.84 156.15
2007 37.90 −14.33 −27.44
2008 35.09 −2.81 −7.41
2009 55.08 19.99 56.97
2010 65.34 10.26 18.63
2011 117.04 51.70 79.12
2012 471.44 354.40 302.80
2013 2,736.58 2,265.14 480.47
2014 3,858.74 1,122.16 41.01
2015 14,588.25 10,729.51 278.06
2016 31,705.22 17,116.97 117.33
2017 1,263.14 −30,442.10 −96.02
2018 1,605.26 342.12 27.08

Current composition

References
  1. Caracas Stock Exchange, Composition
  2. (in Spanish) Caracas Stock Exchange, Indices
  3. (in Spanish) El Universal, 28 August 1997, La Bolsa bate récord y anuncia nuevo índice
  4. Venezuelanalysis.com, 20 January 2005, Venezuela's Venepal Under Workers Control After Bankruptcy and Expropriation
  5. "IBC General Index (Venezuela) Yearly Stock Returns". www.1stock1.com. Retrieved 20 January 2020.


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