Egyptian_Exchange

Egyptian Exchange

Egyptian Exchange

Stock exchange in Egypt

The Egyptian Exchange (EGX), Egypt's stock exchange, comprises two exchanges, Cairo and Alexandria, both governed by the same board of directors and sharing the same trading, clearing and settlement systems. Presently, the chairman of the Egyptian Exchange is Rami El-Dokany.

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Transactions taking place in the stock exchange are not subject to capital gains tax. Dividends distributed by companies listed on the exchange to shareholders are also not subject to income tax. However, in 2013, a 0.001 percent tax on all stock market transactions was imposed.[3] In 2013, the Ministry of Finance announced that the government intended to repeal a 10 percent capital gains tax imposed on mergers and acquisitions the year earlier, as well as a planned tax on cash dividends, and refund investors who paid it.[4]

The Egyptian stock exchange plummeted 6.25% following the beginning of the Egyptian revolution of 2011 on 25 January.[5][6] It closed at the end of trading on 27 January after the benchmark EGX 30 Index (EGX30) plunged 16 percent that week amid the uprising. The exchange reopened on Wednesday 23 March after being closed for almost 8 weeks. The market fell by a further 8.9% on reopening.[7]

The Egyptian Exchange is a member of the Federation of Euro-Asian Stock Exchanges.

See also

References

  1. [1]
    "Market Summary". Archived from the original on 16 December 2019. Retrieved 20 February 2020.
  2. [2]
    "Egyptian Exchange (EGX) Overview | TradingHours.com". www.tradinghours.com. Retrieved 20 February 2020.
  3. [3]
    "Tax imposed on EGX". Retrieved 13 December 2013.
  4. [4]
    "capital gain tax policy".
  5. [5]
    Egypt stock market tumbles over 6 pct on protests, Yahoo News.
  6. [6]
    Egyptian stock exchange falls 6.25% in 15 minutes, Jpost.
  7. [7]
    Egyptian Market's Reopening. Wall Street Journal. March 24, 2011.
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