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MIDEAST STOCKS-Egypt rises on gradual stamp duty plan
March 2, 2017 / 9:02 AM / 9 months ago

MIDEAST STOCKS-Egypt rises on gradual stamp duty plan

DUBAI, March 2 (Reuters) - 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 year. (Reporting by Andrew Torchia; Editing by Hugh Lawson)

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