From the Daily News Egypt:
Egypt’s bourse slid Wednesday for the seventh straight session led by construction and banking stocks, which were still reeling from the government move to cut tax breaks on energy-intensive firms and hike energy prices.
“The government’s decision to cut tax breaks [for energy-intensive firms in free zones] has helped drag down the market for a week now,” explained Teymour El Derini, trader at Beltone Financial. “We did not expect taxation, which weighed on the market.”
Egypt’s benchmark Case 30 index slightly dipped 0.7 percent to close at 10,665.82 points on Wednesday.
Energy prices affect almost all service industries, and the financial impact will be felt in a few months.