Egypt Stocks Rise after Scrapping of Planned Bourse Tax

Egypt stocks rose in trading on news that a planned tax on stock market dealings – including share dividends, mergers and acquisitions – had been cancelled. Shareholders will be refunded for taxes levied on last month's acquisition of National Societe Generale Bank by Qatar National Bank, Abdullah Shehata, aide to Egypt's finance minister, told Reuters.

Both stock indices, the EGX30 and the broader-based EGX70, rose by 1.6 percent, with the latter reaching 5,112 points. Total daily turnover, meanwhile, rose significantly from Sunday's trade session to reach some LE321.4 million. Foreign and domestic investors ended the day as net sellers to the tune of LE4.5 million and LE6.4 million respectively.

Blue chip shares Orascom Construction Industries and Commercial International Bank, for their part, gained 1.3 percent and 3.2 percent respectively. Communication giant Orascom Telecom, meanwhile, rose by 2.2 percent. All major property stocks enjoyed gains on Monday, led by the Talaat Mostafa Group, Palm Hills and SODIC, which rose by 0.5 percent, 1.5 percent and 1 percent, respectively.