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EGX30 falls 1.29% at close on stamp duty tax

EGX30 falls 1.29% at close on stamp duty tax
The Egyptian Exchange (Photo credit: Mubasher)

Cairo – Mubasher: The Egyptian Exchange (EGX) closed Thursday’s trading in red after the recommendation of the finance ministry to apply a stamp duty tax of 0.002% on bourse deals.

The EGX30 index declined 1.29% or 160.56 points to the level of 12,240.53 points.

Likewise, the EGX70, EGX100, and EGX50 indices fell 2.99%, 2.49% and 2.25%, respectively.

Trading volume reached 368.5 million shares exchanged at EGP 1.3 billion.

Local investors were net sellers by EGP 88 million, while net purchases reached EGP 49 million by foreign investors and EGP 39.5 million by Arabs.

Market capitalisation slipped EGP 8.08 billion, reaching EGP 600.3 billion.

Ghabbour Auto fell 6.75%, Global Telecom declined 5.93%, Orascom Telecom shrank 4.23%, and CIB dropped 0.67%.

Madinet Nasr Housing, the top gainer, grew 8.75%, Universal for Paper and Packaging Material rose 5.58%, and Domty advanced 4.67%.

The benchmark EGX30 declined on Wednesday by 2.03% or 256.7 points to the level of 12,401.09 points.