EGX loses ground over local institutions’ sales
Egyptian Exchange - YOUM7(ARCHIVE)

CAIRO: The Egyptian Exchange (EGX) ended on a collective decline, hammered by local institutions’ sell-offs amid uncertainty regarding the implementation of a controversial tax on capital gains and stock dividends.

The benchmark index EGX30 fell by 0.2 percent to end at 8,674 points, down from 8,692 points on Monday.

Meanwhile, the small and mid-cap index EGX70 dropped 0.91 percent to end at 464.7 points, compared to 469 points in its last session. The broader index EGX100 lost 0.62 percent as well, registering 959.1 points.

Market capitalization lost around 1.4 billion EGP ($183.43 million,) totaling 497.9 billion EGP, down from 499.3 billion EGP Monday.

“The benchmark is projected to focus on key resistance ranging between 9,000-9,050 points. Breaching this level would hinder the index upward rebound,” Osool Securities Brokerage technical analysis head Ehab Saeed told The Cairo Post earlier this week.

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