Egypt’s market gains $3B in one week as government suspends capital gains tax
The country's main index EGX30 jumped 8.25 percent this week after the government put a hold on a new tax on capital gains. (Shutterstock)
Egypt's market main index EGX30 jumped 8.25 percent this week, after the government had put on hold a new tax on capital gains from stock market operations for two years on Monday.
Meanwhile, the EGX70 index and the EGX100 surged 9.3 percent and 8.86 percent respectively, Egyptian Exchange data showed.
EGX market capital gained LE22.29 billion (US$2.9 billion) to hit LE504.56 billion compared to LE 482.2 billion last week.
The Egyptian Cabinet put the 10 percent tax on capital gains on hold for two years, but will keep a 10 percent tax on stock dividends.
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