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The Egyptian Stock Exchange incurred heavy losses at the close of 4/3/2013 trading session with all indexes sharply down due to a tax crisis involving Orascom Construction Industries (OCI). On 3/3/2013 OCI Chairman and executive director were placed on a travel ban and watch list over charges of evading taxes worth LE 14 billion after a sale deal between OCI and French Lafarge that generated profits of LE 68 billion.
The market capital lost LE 7.2 billion to reach LE 367.1 billion. The EGX 30 benchmark index declined to a four-month low of 2.3 per cent to stand at 5,375.12 points. The broader EGX 70 index of the leading small and medium-sized enterprises (SMEs) dropped 3.03 percent, reaching 456.75 points. The overall EGX 100 index followed suit with 2.72 percent, taking the index down to 771.91 points.
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