Egypt Stocks end Week Bullish as Hope floats for Tax Tweak

Egypt’s stocks closed Thursday higher with gains totalling 6.7 billion Egyptian pounds powered by hopes of amending the payment method of the controversial tax on stock dividends and capital gains.

The market capitalization has hit 499.790 billion pounds during the closing session of Thursday.

Hope Floats for Egypt Investors

Egypt’s Finance Minister Hany Qadry said on Thursday the government is working on amending the payment method of a new tax on stock dividends and capital gains.

“The main amendments we are working on are over the tax payment mechanism,” Hani Kadry Dimian told reporters at a news conference, without elaborating.

Indices:

Egypt’s benchmark index, EGX30 jumped by 2.17 percent to close at 8672.29 points. EGX20 soared by 2.35 percent to 9083.2 points.

In addition, the mid- and small-cap index EGX70 climbed by 2.01 percent to 475.44 points. The price index, EGX100 surged by 1.80 percent to 971.75 points.

Low Turnovers
On Thursday, the bourse’s trading volume has recorded 194.965 million securities, with turnovers closed at EGP 615.413 million, exchanged through 24.785 thousand transactions.

Also during the closing session, 177 listed securities have been traded in; 22 declined, 131 advanced; while 22 kept their previous levels.

Investors’ Activities

The non-Arab foreign and Arab investors were net buyers on Thursday capturing 22.14% and 10.14% respectively of the total markets, with a net equity of EGP 40.079 million and EGP 24.789 million, respectively, excluding the deals.

Local investors remained net sellers seizing 67.71% of the total market, with a net equity of EGP 64.869 million, excluding the deals.