10 November 2012

Egypt: EGX Shows Mixed Performance This Week

The Egyptian Exchange showed varied performance over this week's sessions due to investors' concerns about the new capital-gain taxes on stock-exchange profits announced by the government.

The vague position of the Orascom Construction Industries, one of the largest companies registered on the bourse, towards accusations that it had evaded EGP 14 billion in taxes, has also affected the performance of the EGX.

During the course of this week, the benchmark index EGX 30 gained 0.67 percent down to 5,611 points, said a weekly report issued by the Egyptian Exchange.

The broader EGX 70 index of the leading smaller and mid cap enterprises (SME) fell 2.78 percent to 514 points.

The overall EGX 100 index followed suit with 1.82 percent taking the index down to 852 points.

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