EGX loses ground over profit taking at close
Egyptian Exchange - YOUM7(Archive)

CAIRO:  The Egyptian Exchange (EGX) dipped over profit taking activities of Arab and foreign investors, amid local sell-offs at the close of Wednesday’s session.

The benchmark index EGX30 fell by 0.58 percent, registering 8826 points, compared to 8877.68 Tuesday.

Also, the small and mid-cap index EGX70 lost 0.38 percent to hit 471.85 points, down from 473.63 points in its last session.

The broader index EGX100 decreased by 0.26 points, recording 987.93points.

EGX jumped at the close of Monday’s session, gaining 20.3 billion EGP ($2.7 billion) after the Cabinet’s decision of suspending capital gains tax.

Egypt’s Cabinet decided to suspend the capital gains tax in the 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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