Economic analyst Saeed El-Feki stated that Egypt’s financial markets have experienced a significant recovery following the decision to replace capital gains tax with stamp duty. This move has strengthened purchasing power and driven index growth. El-Feki, speaking on the “Numbers and Markets” program on “Azhari” TV, noted that the main stock market index is nearing 33,000 points and is targeting 33,400 points, with a potential historic peak at 34,500 points last reached in March of the previous year. \n\nThe small and mid-cap index closed at 9,852 points and is expected to continue its upward trend as long as it remains above 9,660 points, with a short-term target of 10,000 points. El-Feki emphasized that abolishing the capital gains tax, which had burdened investors, and reinstating stamp duty—unused for 10 to 11 years—has provided a strong boost to the markets. \n\nStamp duty was last collected in 2021 and could generate over 2 billion Egyptian pounds for the state if trading volumes continue to rise. Investors view the previous stamp duty rate of 1.25% as fair compared to the capital gains tax, which had raised market concerns. \n\nIn other developments, El-Feki highlighted the real estate sector as promising due to lower stock prices relative to companies’ true values, offering good investment opportunities at lower costs than direct real estate investment. \n— new from جريدة المال
