Cairo – Mubasher: The Egyptian Exchange (EGX) is expected to resume the upside correction movement towards the level of 12,300 points during Thursday’s trading session, amid a lack of catalysts and the government’s plans to impose a stamp duty tax of 0.125% on bourse deals, analysts told Mubasher.
Market analyst Saied Al Feqy said that the trading value declined to EGP 764 million on Wednesday due to the uncertainty about the stamp duty tax.
Al Feqy expects the correction movement to end if the EGX30 index neared the mark of 12,300 points with higher turnover.
The benchmark EGX30 index rose on Wednesday by 0.51% or 61 points to the level of 11,998.7 points.
