Mideast Stocks: Egypt hits 18-month low, FAB lifts Abu Dhabi | ZAWYA MENA Edition:
Egypt's blue-chip index slumped to an 18-month low on Tuesday, weighed down by Commercial International Bank (COMI) and concern over a proposed law on taxation of Treasury holdings, while Abu Dhabi rose on banking sector gains.
The Egyptian index dropped 2.4 percent, with 26 of 30 stocks falling. The country's biggest lender, COMI, fell for a third straight day, losing 2.5 percent.
COMI and the index have been dented by the proposed legal changes, which could result in a larger tax bill for banks on despite the nominal tax rate remaining unchanged, said Amr Hussein Elalfy, head of research at Shuaa Securities Egypt.
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