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Traders Cheer as Egypt Finance Chief Loses Stocks Tax Battle

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The trading floor of Egypt’s bourse erupted into cheers when the government suspended plans to charge a capital-gains tax.

Conspicuously absent from the party, which sparked the biggest stock rally in almost two years on Monday, was Finance Minister Hany Kadry Dimian, who had vowed just last week that the tax would go ahead. The benchmark EGX 30 Index for equities rose 0.9 percent at the close in Cairo on Tuesday, taking its two-day surge to 7.5 percent. About 831 million Egyptian pounds ($109 million) of shares traded, the most in almost four months.