EGX extends gains for 3rd session, benchmark up 1%

CAIRO – 6 March 2017: The Egyptian Exchange (EGX) continued its rally for a third consecutive session Monday, boosted by strong purchases from local and Arab institutions.


The benchmark index EGX30 climbed 1 percent to end at 12,623 points, up from 12,499 points on Sunday.


After a downward wave February on news that Egypt would implement a stamp duty on stock market trades before May, the market rebounded after Finance Minister Amr El-Garhy announced the levy is to be gradually increased.


The small and mid-cap index EGX70 was almost flat, adding a slight 0.01 percent to close at 494 points. Also, the broader index EGX100 rose 0.15 percent to close at 1187 points after 1185 points Sunday.


Market capitalization gained around 3.7 billion EGP ($220.4 million,) totaling 616.6 billion EGP, and turnover amounted to 7.4 billion EGP.


The levy would start at 0.125 percent for both sellers and buyers, instead of 0.175 percent suggested earlier. The tax authority hope the tax would generate 1 billion EGP to 1.5 billion EGP ($63.2 -$94.7 million) in the next fiscal year (2017/2018).