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EGX main gauge pares weekly losses on tax delay

EGX main gauge pares weekly losses on tax delay
Photo Credit: Arabianeye - Reuters

Cairo – Mubasher: The Egyptian Exchange indices trimmed their losses by the end of this week, while market capitalization lost around EGP 6.38 billion ($813 million) to end the week at EGP 437.6 billion.

The market was buoyed this week by a decree issued by President Abdel Fattah El Sisi to postpone the capital gains tax for two years.

The benchmark index EGX30 lost 1.3% to close at 7,078.83 points, down from 7,172.63 points a week earlier. EGX50 also sagged 5.15% or 65.96 points to 1,213.87 points, from 1,279.83 points. EGX70 fell by 5.6% or 22.98 points to 410.04 points and the broader index EGX100 ended 6.4% or 58.5 points lower at 824.95 points.

The benchmark index is likely to text the 7,200 mark during Sunday’s session, said Sameh Gharib, head of research at Roots Securities, adding that the gauge may target the 7,450 level upon steadiness in global markets.

The market’s heaviest weight CIB rose 1.3% to end at EGP 48.31, up from EGP 47.68 last week.

Foreign and Arab traders were net sellers by EPG 82.4 million and EPG 17.1 million respectively, while nationals were net buyers by EPG 99.5 million.