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The Egyptian Stock Exchange continued its losses in today’s trading, continuing the wave of declines for the second day in a row. And make the link between analysts and market dealers, between this wave of losses and the state of inconsistency experienced by the market.
As the Egyptian government announced the imminent introduction of 5 state-owned companies on the Egyptian stock exchange, the Egyptian Minister of Finance, Mohamed Maait, decided on the final position on capital gains tax in market, with the minister having confirmed that the tax application was on time at the start of next year 2022, especially since the law was enacted last year, market workers also demanded.
The finance minister estimated that the capital market is currently living in a better situation than it was last year in light of the Corona crisis, stressing that stamp duty revenue is currently recorded at around 70 million pounds per month.
Speaking to Al-Arabiya.net, financial analyst Nadi Azzam believes that the wave of losses the Egyptian stock market is currently facing is due to several reasons, including investors taking profits on the shares of the index of small and medium-sized enterprises. medium-sized companies after a significant increase in past transactions.
But the return of discussions on capital gains tax and the announcement by the Egyptian government that its implementation will be early next year, have caused a big shock to dealers, which could lead to a wave of exits from the Egyptian Stock Exchange in the coming period. , according to “Azzam.”
He expects the wave of declines to continue until new incentives emerge, whether in government proposals or the capital gains tax case.
In terms of trading, at the start of today’s session, the main stock exchange index “EGX30” fell 2.15%, to record the level of 10480 points, but it reduced its losses in the middle. session at about 1.67%. The equal weight “EGX 70” mid-sized and small business index fell 3.25% to 2,601 points. The larger, even-weighted “EGX 100” index fell 3.26% to 3,536 points. The equal-weighted EGX 50 index fell 3.65 to the level of 2,219 points.
Halfway through, the market capitalization of shares of listed companies has fallen by around 12.6 billion pounds, after falling from 706.7 billion pounds at the close of trading yesterday to around 694.1 billion pounds in the midst of today’s exchanges. During today’s trading, 455.89 million shares were traded, with a market value of approximately 1.85 billion pounds, through 58.3 thousand trades.
Egyptian investors’ transactions in the shares tended to sell off, registering a net sale of around £ 21.84million. Meanwhile, Arab transactions tended to buy, registering a net amount of £ 14.73million. Transactions by foreigners also tended to buy stocks, registering a net amount of £ 7.1 million.
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