Government fully supports capital market

Prime Minister Ibrahim Mahlab has said that his government completely supports the capital market and Egyptian Exchange (EGX).

The government makes decisions that are meant to support the market and serve the best interests of both the state and investors, Mahlab said in statements after ringing the opening bell of Monday's trading session at the EGX.

"The government is keen on responding to any requests that serve public interests," he said, stressing that action will continue to achieve economic reform.

EGX chairman Mohamed Omran thanked Mahlab for inaugurating today's session and responding to demands of the capital market.

Omran said he is not working for personal gains, stressing that he had made clear his vision to the government regarding the Capital Gains Tax (CGT) law based on his economic experience.

He told MENA he would have supported the CGT law if he believed it was beneficial to the economy and investors.

"The reality pointed to just the opposite," Omran said.

The EGX made big gains in early trading Monday amid intensive purchases by investors following the government's decision to suspend the CGT for two years.
Source: MENA