MIDEAST STOCKS-Egypt surges as capital gains tax delayed; Gulf mixed | Reuters

MIDEAST STOCKS-Egypt surges as capital gains tax delayed; Gulf mixed | Reuters:



"Egypt's bourse posted its biggest daily gain in 22 months on Monday after the government said it had put on hold a new tax on capital gains from stock market operations. Markets in the Gulf were narrowly mixed as a truce in Yemen expired. 




The Cairo index surged 6.5 percent to 8,798 points, with all stocks positive. At least a dozen names, including blue chips Talaat Moustafa Group and EFG Hermes, surged their daily 10 percent limits, indicating the rally could continue in the next session.



The government froze plans for a 10 percent tax on capital gains for two years, reversing a central component of its economic reform agenda that investors had criticised. It kept in place a 10 percent dividend tax."



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