CAIRO: The Egyptian Exchange (EGX) kept on hiking for the second day in row at the close of Tuesday’s session, pushed by Arab and local purchases, while foreign investors mostly sold, after the Cabinet’s decision of suspending capital gains tax Monday.
The benchmark index EGX30 increased 0.9 percent to end at 8877.68 points, higher than 8,798 points at Monday’s close.
Meanwhile, the small and mid-cap index EGX70 also advanced 0.97 percent to end at 473.63 points, compared to 469.08 points in its last session.
The broader index EGX100 added 1.09 percent as well, registering 990.46 at close, higher than 979.8 points Monday.
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.