Egypt puts capital gains tax on hold

t kept in place a 10-percent tax on stock dividends.

The taxes, approved by President Abdel Fattah al-Sisi last July as part of efforts to overhaul an economy battered by years of political turmoil, were challenged in court last month.

Former army chief Sisi, who ousted Egypt's first freely-elected president following mass protests, has promised serious reforms to win back foreign investors who fled the market after a 2011 uprising.

The decision to scrap the capital gains tax surprised the market after the finance minister told reporters last month the government would only amend the payment method..

The Cairo index, which hit a five-month low last week, jumped 5.8 percent in early trading after the change was announced, forcing an automatic 30-minute pause in exchange trading.

The prime minister, investment minister and bourse head opened the trading session in an unusually public show of support for the stock exchange.