Stamp duty and interest rates hindered rising stock market movements

The stamp duty placed pressure on the stock exchange trading last week as it is activated on 17 May, but foreign buyers supported the index of the stock exchange to stand at 13,000 points, amid expectations of moving towards the 13,200 points level this week.
The director of the technical analysis division of Osool Securities Brokerage, Ehab Saeed, said that the lack of clarity on the fate of the stamp duty on the stock exchange would pressure the market and the continuation to move sideways during the current week's transactions.

He expected the market to continue moving sideways between 12,600 and 13,100 points. The rumours about the fate of the stamp in the recent days have led to a negative impact on stocks and the resolution of the fate of the tax this week is an essential matter, he added.