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Thursday, 19 January 2017

MIDEAST STOCKS-Egypt tumbles on stamp duty worry, Q4 earnings support Saudi | Reuters

MIDEAST STOCKS-Egypt tumbles on stamp duty worry, Q4 earnings support Saudi | Reuters:

"Egypt's blue-chip stock index tumbled on Thursday after Reuters reported that authorities were considering temporarily reintroducing a stamp duty on stock market transactions, while Saudi Arabia was supported by quarterly corporate earnings.

The dropped 3.7 percent, its largest single-day decline since June 2016. Local traders were heavy net sellers after a Finance Ministry source, speaking on condition of anonymity, said:

"We are studying temporarily re-imposing a stamp duty on stock market transactions pending the return to a capital gains tax, which has been postponed since May 2015.""



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