Reuters/Dubai


The Dubai index slipped 0.5% to 1,566 points, easing from Wednesday’s 10-day high

Egyptian shares fell yesterday after the cabinet announced a new capital gains tax, while most Gulf markets slipped as investors booked recent gains amid a weak global backdrop.
Egypt’s benchmark index dropped 2.7% to 5,362 points, its biggest decline since April 18, after the new tax and an increase in income taxes were announced.
Osama Mourad of Arab Finance Brokerage said that while details on how the taxes will be applied are still unclear, equity investors are nearly certain to be affected.
“It’s obviously going to hurt them financially and hurt long-term investment in Egypt,” he said. “All the big companies will make 5% less profit and, second, investors will pay double taxes.”
Dubai’s index slipped 0.5% to 1,566 points, easing from Wednesday’s 10-day high.
Most large-caps fell with Dubai Financial Market losing 1.6%.
In Kuwait, the index dropped 0.8% to 6,339 points, an eight-week low, weighed by banking stocks.
National Bank of Kuwait, the country’s largest stock by market value, fell 1.7% and telecoms operator Zain slipped 1.9%.
Other bank shares also slid, with Gulf Bank and Boubyan Bank down 1.8 and 1.7% respectively.
Abu Dhabi’s banking stocks lifted the index 0.3% to a three-week high of 2,673 points, bucking the regional trend. Abu Dhabi Commercial Bank gained 0.3% after Fitch gave it an A+ rating and a stable outlook.
The Omani index gained 0.1% to 6,082 points while the Bahrain benchmark 0.7% to 1,339 points.