COVID19-caused economic recession fears cost EGX biggest decline since 2012

COVID19-caused economic recession fears cost EGX biggest decline since 2012

Postponing application of capital gains tax to stock transactions is more harmful than maintaining its current status: Saeed. The EGX management suspended trading on the shares of 123 listed companies for 10 minutes, including 38 companies after the first hour of Sunday trading session, as the decline exceeded 5%.. Stock market dealers expected the EGX to continue its decline in the short term with the rise in fears from a recession in the economy.. Ehab Saeed, Managing Director of Osool Securities, said the government's decision to postpone the application of the capital gains tax to transactions in the stock exchange would lead to worse results than the continuation of taxes in their current form.. Saeed attributed the difference in dealing with the precautionary measures between the Egyptian and American stock exchanges, to Egypt's need for more incentives to invest in securities such as reducing prices and exempting companies from real estate taxes.. El-Alfy pointed out that the global market declines resulting from the outbreak of the Coronavirus added a new obstacle to the EGX's challenges, pointing out that the Egyptian market is highly affected by global and Gulf markets.. The prices of 35 other shares have not changed, making the