(3 May 2015) EGYPT MARKETS
SOURCE: AP TELEVISION
RESTRICTIONS: MIDDLE EAST EXTRA CLIENTS ONLY
LENGTH: 1.21
AP Television
Cairo, Egypt - 3 May 2015
1. Wide of trading floor
2. Mid of screen showing trading figures
3. Close-up of screen showing trading figures
4. Various of traders
5. SOUNDBITE: (Arabic) Nagla Farrag, Trader:
"Today in the first session of the week's trading. The main benchmark index EGX 30 started with almost 55 points decline reaching 8624 points (at 1045 GMT), foreign institutions are the buyers today while individuals, Arabs and foreigners are selling."
6. Close-up of Farrag working
7. SOUNDBITE: (Arabic) Nagla Farrag, Trader:
"The Minister of Finance (Hany Kadry Dimian) has announced there will be no change or reviewing for the capital gain tax and they are just discussing how to go about collecting it. That was totally frustrating for the investors and we noticed that in the last moments of last week's session. Today the investors are coming with the will of selling."
8. Exterior of Egypt's stock market
LEADIN:
Egypt's markets have taken a dip today after the government refused to amend new tax laws.
The EGX 30 benchmark index is currently down 1 percent (1130 GMT).
STORYLINE:
Opening on 8672 points, but dropping shortly after.
Egypt's markets have started the week in the red, dropping to 8584 points by 1130 GMT.
That's a fall of 1 percent.
"Today in the first session of the week's trading. The main benchmark index EGX 30 started with almost 55 points decline reaching 8624 points (at 1045 GMT), foreign institutions are the buyers today while individuals, Arabs and foreigners are selling," says trader Nagla Farrag.
The drop may be down to news that new tax laws will not be amended in the face of opposition from investors.
The new capital gains tax imposes a 10 percent tax on capital gains and stocks.
Approved by President Abdel-Fattah el-Sissi last July, it is seen as a step for the government to widen its sources of revenues.
But some investors say the new regulations on capital gains and stock dividends are too confusing and had hoped for some changes.
Egypt's stocks hit their lowest level since December last week, but ended up slightly higher as investors hoped some compromise could be reached.
Farrah believes that the capital gains tax is pushing the Egyptian market down.
"The Minister of Finance (Hany Kadry Dimian) has announced there will be no change or reviewing for the capital gain tax and they are just discussing how to go about collecting it. That was totally frustrating for the investors and we noticed that in the last moments of last week's session. Today the investors are coming with the will of selling."
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