Egypt bourse has ended the sessions on Tuesday posting gains of EGP 2.8 billion powered by the non-Arab foreign buyers. Accordingly, the Egyptian Exchange's indices have closed on green notes by Tuesday afternoon. Egypt's benchmark index EGX30 surged by 1.66% to close at 5407.95 p; while the EGX20, it climbed by 1.16% to end at 6140.75 p. Meanwhile, the mid- and small-cap index, the EGX70 rose by 0.28% to conclude at 442.36 p. The price index EGX100 also inched up by 0.44% to finish at 746.16 p. The capital market has closed at EGP 361.436 billion on Tuesday. During the closing session of Tuesday, the trading volume reached 39.113 million securities. For the traded value, it reached EGP 184.435 million, exchanged through 10.566 thousand transactions. During the closing session of Tuesday, 165 listed securities have been traded in; 53 declined, 65 advanced; while 47 keeping their previous levels. Investors' Activity: The non-Arab foreigners' buying transactions powered EGX's gains for Tuesday as they were net buyers seizing 25.47% of the total markets, with a net equity of EGP 22.276 million, excluding the deals. Meanwhile, Egyptians and the Arabs were net sellers seizing 69.07% and 5.47% respectively, of the total markets, with a net equity of EGP 11.530 million and EGP 10.746 million excluding the deals. Egypt Bourse Stamp Tax – Day Eight: Egypt's Central Clearing, Depository and Registry house (MCDR) started by the beginning of last week collecting the recently-approved stamp tax on Egyptian stock exchange's daily buying and selling transactions. As pursuant to the recently-approved draft, the stamp tax shall be imposed on the Cairo bourse's daily selling and buying transactions at 0.001. The stamp tax shall be also applied on the advertisements at 20%. Capital market experts alongside EG-Finance, Division of Securities, Egyptian Capital Market Association (ECMA) and Egyptian Investment Management Association (EIMA) are urging the decision makers in Egypt to reconsider imposing the stamp tax on the bourse daily transactions amid the current sharp decline in the volumes and values of trades driven by the political and economic turbulence. They further said imposing the stamp tax on the daily transactions will increase the burden on the investors by 40-65%. Accordingly, heavier burdens will likely drive the investors to exit the market soon.
