Masress : Egypts stocks unfazed by new capital gains tax

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Egypts stocks unfazed by new capital gains tax
EGX30 rises by 0.5 pct Thursday despite Cabinet approval of new capital-gains tax on stock-exchange profits

Ahram Online Published in Ahram Online on 08 - 11 - 2012

Egypt's stocks end the week on Thursday, as investors ignored news about the proposed capital gains tax.
The main index EGX30 slightly rose by 0.5 per cent, recording 5.611.47 points at the time of Egypt's Cabinet approved implementation of a capital gains tax (CGT) on profits realised on the stock exchange.
The CGT will stand at 10 per cent; it will only be levied on the company's profits, following its initial public offering (IPO).
"The new legislation will not affect normal trading in the market just Initial Public Offering (IPO)," Ashraf Abdel Aziz, Head of Institutional Sales at Arabeya Online Securities, told Ahram Online.
Abdel Aziz explained that his biggest worry was the usual rumors that float whenever a new decision or legislation is announced.
The broader index EGX70 fell by 0.2 per cent in a session, which saw a modest daily turnover worth LE347 million.
Eastern Tobacco rose by 0.5 per cent, recording one of the highest turnovers for the day worth LE60.2 million.
"The turnover today was lower than the levels we saw in the past few weeks," Mostafa Badra, Capital Market expert told Ahram Online.
"If it wasn't for the Eastern Company deal today, turnover would have reached an extremely deteriorated level," he said.
Foreign investors were the only net-buyer with LE35 million while Egyptians sold some of LE33.2 million.
Prominent heavyweight shares like Orascom Construction Industries and Commercial International Bank climbed 0.2 and 1 per cent, respectively.
Orascom Telecom slumped by 0.5 per cent.
National Societe Generale Bank (NSGB) rose by 2 per cent.
NSGB was positively impacted by the rise of its net income in the third quarter for 2012 to 389.5 million Egyptian pounds ($63.7 million).
Property shares Talaat Mostafa Group and Palm Hills have risen by 0.4 and 0.7 per cent respectively, while Six of October Development and Investment declined by 0.7 per cent.
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