Trading suspended after Egypt Benchmark jumps 5% on Tax News

The Egyptian stock Exchange (EGX)’s management decided to suspend Monday’ session for thirty minutes after the benchmark index, EGX30 soared by 5 percent.

The stock market indices jumped in early trading after announcing a government decision to put the capital gains tax on hold for two years.

Hossam al-Qawish -Cabinet Spokesman- said in an emailed statement on Monday holding the capital gains tax was meant “to preserve competition in the Egyptian bourse… as part of ongoing efforts at economic reform”.