Egypt's market achieved its biggest daily gain in 22 months on Monday's session after the government said it had put on hold a new tax on capital gains from stock market operations for two years.
The EGX30 index jumped 6.5 percent, and the EGX market capital gained LE20.3 billion (US$2.7 billion).
Meanwhile, the small and mid-cap index EGX70 and the broader EGX100 index surging by 7.47 percent and 6.47 percent, respectively
The Egyptian Cabinet put the 10 percent tax on capital gains on hold for two years, but will keep a 10 percent tax on stock dividends, two government sources who attended a late night government meeting told Reuters on Monday.
The introduction of new taxes last month sparked a sell-off by disgruntled investors who complained that tax regulations were too complicated and would make the bourse less competitive, compared with other markets.
