Cairo – Mubasher: Egypt’s local bourse were down this week, losing around EGP 3.4 billion ($449.9 million), as it was pressured by foreign and Arab traders that were mostly sellers.

Egypt’s investment minister Ashraf Salman said Thursday that President Abdel-Fattah El-Sisi will issue a decree in three weeks to endorse postponement of a much-debated capital gains tax.

The endorsement will take effect starting 17 May, said the minister, adding that the taxes collected in the period from this date until the president's decree will be refunded to investors.

The government announced on 18 May that it had decided to postpone the 10% capital gains tax for two years. Traders had previously filed a lawsuit over the tax, arguing that it was deterring potential investors.

The benchmark index EGX30 fell 0.85%, or 75.98 points during the week to close at 8912.05 points, compared with 8988.03 points last week.

The stock market began the week on a positive note, as it managed to reach the 9144 level. However, it slipped in late sessions during the week due to profit taking, said Sameh Gharib, technical analyst.

He expects selling pressures to continue early next week on the benchmark index EGX30 till next support level at 8800 points.

The analyst also forecasts the index to move next week between support at 8800 points and resistance at 9144 points.