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Egypt's main index closes with highest rise in 2 years

Ahram Online , Monday 18 May 2015
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The Egyptian stock exchange saw its main index achieve its sharpest rise in two years on Monday following a government decision to freeze the implementation of a controversial 2014-issued capital gains tax for two years.

Benchmark index, EGX30, climbed 6.5 percent to recover to 8,798 points, up from its year low at 8,260 points in mid-May.

In July 2014, the government imposed a Bourse tax on investors as part of its efforts to overhaul an economy battered by years of political turmoil.

The tax comprised of a capital gains component which was suspended for two years and a stock dividends's duty which the government maintained.

 

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