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GMC GROUP FOR INDUSTRIAL COMME   1.29        Telecom Egypt   11.48        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        Modern Company For Water Proof   1.03        Egyptian Real Estate Group   6.85        Pioneers Holding   2.84        Ezz Steel   7.86        Rakta Paper Manufacturing   4.39        Orascom Telecom Holding (OT)   3.92        Naeem Holding   0.19        Egyptian Iron & Steel   6.87        United Arab Shipping   0.43        Egyptians Housing Development    1.94        Universal For Paper and Packag   4.94        Northern Upper Egypt Developme   4.93        Canal Shipping Agencies   7.39        Misr Chemical Industries   5.65        Egyptian for Tourism Resorts   0.69        Modern Shorouk Printing & Pack   7        Upper Egypt Contracting   0.8        Egyptian Financial Group-Herme   7.42        Orascom Construction Industrie   240.82        Heliopolis Housing   21.65        Raya Holding For Technology An   4.57        United Housing & Development   8.93        International Agricultural Pro   2.1        Gulf Canadian Real Estate Inve   18.08        Alexandria Pharmaceuticals   45.71        Arab Cotton Ginning   2.46        Egyptian Chemical Industries (   7.26        National Real Estate Bank for    11.84        Six of October Development & I   15.03        National Development Bank   6.72        Oriental Weavers   20.66        Arab Gathering Investment   16.29        Egyptians Abroad for Investmen   2.75        Palm Hills Development Company   1.61        Credit Agricole Egypt   9.04        Remco for Touristic Villages C   2.13        Commercial International Bank    29.87        El Ezz Porcelain (Gemma)   1.9        Egyptian Starch & Glucose   5.4        Arab Real Estate Investment (A   0.41        South Valley Cement   3.12        Citadel Capital - Common Share   2.5        Union National Bank - Egypt "    3.25        Ceramic & Porcelain   2.88        Rowad Tourism (Al Rowad)   5.05        El Nasr Transformers (El Maco)   4.78        Egyptian Media Production City   2.31        GB AUTO   27        Sharkia National Food   3.78        Egyptian Transport (EGYTRANS)   7.85        El Kahera Housing   4.97        El Shams Housing & Urbanizatio   2.45        Egyptian Kuwaiti Holding   0.7        ARAB POLVARA SPINNING & WEAVIN   2.11        Cairo Poultry   8.32        Egyptian Financial & Industria   8        T M G Holding   4.03        Asek Company for Mining - Asco   10.66        Misr Hotels   27        Egyptian Electrical Cables   0.56        Medinet Nasr Housing   22.51        Mena Touristic & Real Estate I   1.21        ELSWEDY CABLES   18        Al Arafa Investment And Consul   0.17        Prime Holding   0.91        Alexandria Spinning & Weaving    0.74        Gharbia Islamic Housing Develo   8.41        General Company For Land Recla   16.6        Alexandria Cement   8.9        Arab Valves Company   0.94        Sidi Kerir Petrochemicals   12.4        TransOceans Tours   0.09        Egyptian for Developing Buildi   6.43        Egyptian Gulf Bank   1.24        Kafr El Zayat Pesticides   18.19        Faisal Islamic Bank of Egypt -   35.1        National company for maize pro   11.86        Delta Construction & Rebuildin   4.03        Zahraa Maadi Investment & Deve   48.25        Samad Misr -EGYFERT   3.52        Egypt for Poultry   1.41        Cairo Development and Investme   11.7        Cairo Pharmaceuticals   20.1        Maridive & oil services   0.9        Suez Canal Bank   3.75        Nile Pharmaceuticals   15.81        The Arab Dairy Products Co. AR   73.85        National Housing for Professio   14.39        El Ahli Investment and Develop   4.87        Egyptian Saudi Finance Bank   10.79        Ismailia National Food Industr   5.16        National Societe Generale Bank   25.52        Acrow Misr   19.16        Alexandria Mineral Oils Compan   63.63        Paper Middle East (Simo)   5.59        Egypt Aluminum   12.31        Giza General Contracting   13.12        Middle Egypt Flour Mills   5.82        Extracted Oils   0.6        Assiut Islamic Trading   4.56        Engineering Industries (ICON)   3.95        North Cairo Mills   15.3        Arab Pharmaceuticals   11.88        Grand Capital   5.38        El Ahram Co. For Printing And    10.68        Minapharm Pharmaceuticals   25.49        El Arabia Engineering Industri   13.52        El Nasr For Manufacturing Agri   9.71        Naeem portfolio and fund Manag   1.7        Faisal Islamic Bank of Egypt -   6.76        Natural Gas & Mining Project (   68.26        Housing & Development Bank   13.95        East Delta Flour Mills   31.5        Orascom Development Holding (A   3.22        Memphis Pharmaceuticals   11.12        Abou Kir Fertilizers   134.23        Delta Insurance   5        Cairo Investment & Real Estate   12.18        Cairo Oils & Soap   12.98        Egyptian Arabian (cmar) Securi   0.36        Egyptian Real Estate Group Bea   15.56        Alexandria Containers and good   85.51        Upper Egypt Flour Mills   45.78        Development & Engineering Cons   9.94        Sinai Cement   15.18        Medical Union Pharmaceuticals   28.01        Torah Cement   24.2        Alexandria New Medical Center   46.55        Export Development Bank of Egy   5.04        Egyptian Company for Mobile Se   92.02        Middle & West Delta Flour Mill   32.7        El Kahera El Watania Investmen   4.18        Mansourah Poultry   12.41        Delta Sugar   11.04        Misr Beni Suef Cement   41.21        Egyptian Satellites (NileSat)   6.14        Cairo Educational Services   17.75        Lecico Egypt   7.55        Sharm Dreams Co. for Tourism I   5.3        General Silos & Storage   10.77        Al Moasher for Programming and   0.66        UTOPIA   5.28        Arab Ceramics (Aracemco)   25.4        Barbary Investment Group ( BIG   0.98        

EGX

Egypt extends capital gains tax freeze for 3yrs, approves stamp duty on stocks


Published 2017-03-22 11:15:30| Amwal Al Ghad English

The Egyptian government has approved on Tuesday the extension of a freeze on a capital gains tax for three years from May 17, the state news agency MENA reported. The country originally imposed a 10 percent tax on capital gains in July, 2014, as part of efforts to replenish depleted state coffers, but the following year suspended the tax under pressure from investors for a period of two years. Tuesday's decision extends that freeze for another three years. The cabinet also approved a stamp duty on stock exchange transactions for both buyers and sellers set at 1.25 Egyptian pounds per 1,000 for the first year of the tax's introduction, rising to 1.5 pounds in the second year and 1.75 in the third. It will also impose a levy of 3 pounds per 1,000 for investors buying or selling more than a third of a company's stocks. The Finance Ministry targets raising revenues of 1-1.5 billion Egyptian pounds ($54.8 million-$82.2 million) in the first year of the new stamp duty, Deputy Finance Minister Amr al-Munayer told Reuters on Monday. The extension to the capital gains tax freeze and the new stamp duty were introduced in a bill amending Egypt's income tax laws and are subject to a vote in parliament before President Abdel Fattah al-Sisi can sign it into law. Investors had said the capital gains tax discouraged business at a time Egypt was struggling to recover from the 2011 uprising and subsequent political upheaval.
Arab
Dubai Financial Market (DFM), the UAE’s main stock exchange, launched on Sunday a trading platform for exchange-traded funds (ETFs) in an effort to encourage the listing of more such funds by improving liquidity. The market currently lists just one ETF, Afkar Capital's S&P UAE UCITS fund, which invests on the Abu Dhabi Securities Exchange and NASDAQ Dubai as well as DFM itself. It replicates the S&P UAE BMI Liquid 20/35 Capped Index, which includes the largest stocks by capitalisation in the United Arab Emirates. The new platform, which DFM described as the region's first of its kind, aims to make trading smoother and more efficient. Afkar Capital said on Sunday it had appointed Egypt's Beltone Financial as foreign market maker for its fund.
World
European stock markets were mixed early Thursday as investors continued to monitor developments surrounding U.S. President Donald Trump's pro-growth agenda. The pan-European STOXX 600 was flat in early morning deals with sectors and major bourses mixed. Retail shares were one of the best performers shortly after the open as several retailers posted earnings reports. British clothing firm Next said it was "extremely cautious" for the year ahead and reported a fall in profits of 3.8 percent. Next had previously warned in January the company's profits were due to fall. Its shares spiked by over 1.8 percent on Thursday. Gemalto hit the bottom of the benchmark for the second consecutive session after HSBC bank downgraded its "buy" recommendation for investors to "hold". The Dutch digital security firm was down over 5.3 percent. In the U.K., four people died and 40 people were injured on Wednesday after a suspected terrorist drove a car along a pavement in Westminster, London and then stabbed a policeman. Sterling dropped to a six-day low against the dollar on the news though has since rebounded to $1.2485. On the data front, U.K. retail sales data are scheduled to be released at around 9.30 a.m. London time. Germany's consumer sentiment is expected to fall for the second consecutive month in April after a pickup in headline inflation figures, GfK market research reported in a survey. It sees the sentiment index falling to 9.8 points in next month, down from 10.0 in March. Meanwhile, Federal Reserve Chair Janet Yellen is due to deliver a keynote speech at the Federal Reserve System Community Development Research Conference at approximately midday London time. In Germany, the European Central Bank will host a General Council meeting in Frankfurt on Thursday.