EGX dips over institutions’ sales, equities shed $1.2B
Egyptian Exchange - YOUM7(Archive)

CAIRO: The Egyptian Exchange (EGX) extended its plunge at the close of Thursday’s session, hammered by institutions’ sell-offs amid uncertainty regarding the implementation of a controversial tax on capital gains and stock dividends.

The benchmark index EGX30 dropped 2.62 percent to end at 8,303 points, down from 8,526 points on Wednesday.

Meanwhile, the small and mid-cap index EGX70 slipped 3.12 percent to end at 439.7 points, compared to 453.8 points in its last session. The broader index EGX100 dropped 2.23 percent as well, registering 923.4 points.

Market capitalization shed around 9.6 billion EGP ($1.25 billion,) totaling 482.2 billion EGP, down from 491.8 billion EGP Wednesday.

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