EGX continues its downtrend despite reducing stamp taxes

BY

-

Wed, 18 Mar 2020 - 03:27 GMT

BY

Wed, 18 Mar 2020 - 03:27 GMT

FILE- The EGX trading session on December 12, 2017

FILE- The EGX trading session on December 12, 2017

CAIRO – 18 March 2020: The Egyptian Exchange (EGX) continued its rough losses for the fourth session in row, losing around LE 18.84 billion of market capitalization, amid Arab and foreign selling, despite reducing stamp taxes.

The government decided Tuesday to reduce the stamp tax on non-residents to 1.25 per thousand instead of 1.5 per thousand, and reduce the stamp tax on residents to 0.5 per thousand instead of 1.5 per thousand, until the capital gains tax is applied to them at the beginning of 2022.

It was also decided to reduce the price of the dividend tax to companies listed on the Stock Exchange by 50 percent to 5 percent.

Egypt reduces stamp tax on non-residents to 1.25 per thousand

CAIRO - 18 March 2020: The government made an important package of decisions to support the industry sector and deal with the economic consequences of the emerging corona virus.




The benchmark EGX 30 lessened 4.84 percent, or 444.95 points, to close at 8,756.7 points.

The equally weighted index EGX 50 dipped 5.37 percent, or 67.39 points, to end at 1,188.13 points.

The small and mid-cap index EGX 70 decreased 5.67 percent, or 50.7 points, to close at 843.35 points, and the broader index EGX 100 declined 5 percent, or 48.82 points to 927.86 points.

Market capitalization lost LE 18.84 billion, recording LE 493.63 billion, compared to LE 512.47 billion in Tuesday’s session.

The trading volume reached 193.01 million shares, traded through 18,254 transactions, with a turnover of LE 617.55 million.

Egyptian investors were net buyers at LE 169.82 million, while Arab and foreign investors were net sellers at LE 33.76 million, and LE 136.06 million, respectively.

Arab and foreign individuals were net sellers at LE 1.85 million, and LE 253,377, respectively, while Egyptian individuals were net buyers at LE 17.44 million.

Arab and foreign organizations sold at LE 31.91 million, and LE 135.81 million, respectively, while Egyptian organizations bought at LE 152.38 million.

Delta Construction & Rebuilding, Memphis Pharmaceuticals, and Raya Holding For Financial Investments were top gainers of the session at 8.59 percent, 5.03 percent and 4.99 percent, respectively.

Meanwhile, Ismailia National Food Industries, Ismailia Development and Real Estate Co, and Mansourah Poultry were top losers of the session by 10 percent, 9.97 percent, and 9.96 percent, respectively.

On Tuesday’s session, EGX flagged in red for the third session in row, as EGX 30 lessened 2.41 percent, EGX 50 dipped 5.46 percent, EGX 70 decreased 5.75 percent, and EGX 100 declined 4.60 percent.

Comments

0

Leave a Comment

Be Social