CAIRO: The Egyptian Exchange (EGX) tummled during June, and market capitalization shed around 10.5 billion EGP ($1.37 billion,) according to its monthly report.
The market rode a downward wave during June, reversing analysts’ expectations of a strong rebound following Cabinet’s decision in May to postpone a 10 percent capital gains’ tax for two years, in an effort to maintain competition and investments in EGX.
During the course of June, the benchmark index EGX30 plunged 4.68 percent to end at 8,372 points, down from 8,783 at May-end.
The small and mid-cap index slipped 5.33 percent, ending June at 445 points, compared to 470 points a month earlier. The broader index EGX100 also posted a 4.46 percent drop to close the month at 942 points.
In May, the benchmark went up 1.27 percent, while the small and mid-cap index retreated 1.2 percent.