CAIRO: The Egyptian Exchange (EGX) plunged at the close of Wednesday’s session on a collective decline, battered by local and foreign institutions’ sell-offs amid uncertainty regarding the implementation of a controversial tax on capital gains and stock dividends.
The benchmark index EGX30 dropped 1.71 percent to end at 8,526 points, down from 8,674 points on Tuesday.
Meanwhile, the small and mid-cap index EGX70 tumbled 2.33 percent to end at 453.8 points, compared to 464.7 points in its last session. The broader index EGX100 slipped 1.53 percent as well, registering 944.4 points.
Market capitalization shed around 6.1 billion EGP ($799.44 million,) totaling 491.8 billion EGP, down from 497.9 billion EGP Tuesday.