Egyptian Exchange achieves second highest daily gain in its history

The Egyptian Exchange (EGX) gained EGP 20.3 billion on Sunday, the second largest daily profit in its history, refreshed by a government decision to freeze the capital gains tax on the stock market for two years.

Trading was suspended earlier at the stock market for half an hour triggered by a sharp rise in EGX 100 index beyond the allowed 5% level (circuit breaker).

The market capital hit EGP 501.5 billion after transactions reached EGP 2.1 billion, marking the second largest daily profit in its history. The largest, EGP 22.7 billion, was reported on 3 July 2013 after President Mohamed Morsi was removed from power.

The EGX 30 benchmark index soared 6.47 percent, its highest percentage in 2015, to close at 8,798.17 points.

The broader EGX 70 index of the leading smaller and mid cap enterprises (SME) rose 7.47 percent to 469.08 points.

The all-embracing EGX 100 index also increased 6.47 percent to close at 979.8 points.