EGX Indices Decline Despite Stimulus Measures

EGX indices continued their decline on Wednesday's trading, to fall below 9,000 points despite the stimulus measures approved by the government yesterday.

The government decided yesterday to reduce the stamp duty on non-residents to EGP 1.25 per thousand instead of EGP 1.5 per thousand, and EGP 0.5 per thousand instead of EGP 1.5 per thousand for residents, until the implementation of capital gains tax (CGT) at the beginning of 2022.

It was decided to reduce the Dividend Distribution Tax (DDT) to listed companies by 50% to 5%.

Meantime, by the beginning of trading today EGX 30 fell 2.85 % to 8,939 points.

EGX 70 fell 3.51% to 862.68 points, while EGX 100 fell 3.01% at 947 points.

The turnover of the stock exchange reached EGP 501.32 million, through 42.37 million shares, during which 74 stocks declined, 10 rose, while 37 stocks settled.

Foreign and Arab investors' transactions went on sale for a total of EGP 6.016 million and EGP 91.52 million, respectively, while Egyptians tended to buy with a total of EGP 97.54 million.