EGX extends gains, benchmark hits 1-month high

CAIRO – 9 March 2017: The Egyptian Exchange (EGX) continued its rally for a sixth straight session, getting support from foreign and Arab purchases.

The benchmark index EGX30 rose 0.93 percent to end at 12,853 points, recording the highest level in a month. CIB, the heaviest weight on the gauge, surged 2.1 percent.

The EGX30’s top performers were: Egyptian Iron and Steel up 7.0 percent, Arab Cotton Ginning up 4.4 percent and Ezz Steel up 4.2 percent.

The small and mid-cap index EGX70 edged up 1.24 percent to close at 518.4 points, compared to 513 points Wednesday. Also, the broader index EGX100 added 0.85 percent to end at 1235 points after 1224 points in the previous session.

Market capitalization added around 8 billion EGP ($449.4 million,) totaling 635.9 billion EGP, and turnover reached 1.28 billion EGP.

Egypt's market rode an upward wave once more during the course of this week following news that a stamp tax on stock trades will be gradually increased

Finance Minister Amr El-Garhy announced last week that the levy on stock trades 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).