Bourse turns blind eye to capital gains tax, gains EGP6bn

Most of the Egyptian Exchange (EGX) indexes closed on Wednesday up backed by intensive purchases by foreign institutions and investment funds amid optimism of international credit ratings agency Moody's which upgraded on Tuesday Egypt's credit rating to B3 from Caa1 with a stable outlook.
The market, meanwhile, turned a blind eye to the impact of the taxes imposed on capital gains and dividends.
The market capital achieved gains worth 6 billion pounds to reach 508.8 billion pounds, after transactions hit 2.8 million pounds.
The EGX 30 benchmark index soared 0.83 percent to close at 8,788.9 points.
The broader EGX 70 index of the leading smaller and mid cap enterprises (SME) rose by 0.1 percent to 495.16 points.
The all-embracing EGX 100 index also increased by 0.15 percent to close at 1,008 points.