DUBAI, March 2 Egypt's stock market rose in
early trade on Thursday after the finance minister said he would
propose only a gradual introduction of a stamp duty on
transactions, in an effort to minimise the impact on trade.
The Egyptian index climbed 1.8 percent as blue chip
Global Telecom jumped 5.0 percent.
Amr al-Garhy told Reuters on Wednesday that he would propose
a duty starting at 1.25 Egyptian pounds ($0.08) per 1,000 to the
government next week, rising to 1.5 pounds in the second year of
implementation and 1.75 pounds in the third.
"We are working on not affecting the size or value of
transactions in the market," Garhy said.
Shares in real estate developer Talaat Mostafa
rose 2.3 percent after it reported an annual net profit of 826
million Egyptian pounds ($52 million), with revenues rising to
6.55 billion pounds from 6.18 billion pounds in the previous
(Reporting by Andrew Torchia; Editing by Hugh Lawson)