EGX gains $2.7 billion after suspending capital gains tax
Egyptian Exchange (EGX) - AP

CAIRO: The Egyptian Exchange (EGX) jumped at the close of Monday’s session, pushed by Arab and local purchases, while foreign investors mostly sold, gaining 20.3 billion EGP ($2.7 billion) after the Cabinet’s decision of suspending capital gains tax.

The benchmark index EGX30 advanced 6.50 percent to end at 8,798 points, higher than 8,261 points at Sunday’s close.

Meanwhile, the small and mid-cap index EGX70 also hiked 7.47 percent to end at 469.08 points, compared to 436.49 points in its last session.

The broader index EGX100 added 6.47 percent as well, registering 979.8 at close, higher than 920.28 points Sunday.

Egypt’s Cabinet decided to suspend the capital gains tax in the Egyptian Exchange (EGX) for two years, according to a Cabinet press statement Monday.

Dividends tax will be imposed on stock dividends once without imposing another tax on the net profit.

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