A trader works at the Egyptian stock exchange in Cairo, April 28, 2015. REUTERS/Mohamed Abd El Ghany
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Egypt's bourse fell to a four-month low Tuesday because of the introduction of taxes on capital gains and dividends this month, while most Gulf stock markets barely moved, awaiting news on U.S. oil inventories and interest rates.The Cairo index slid 1.9 percent to 8,331 points, its lowest level since Dec. 18, ignoring positive news such as first-quarter earnings. Egypt's second-biggest listed property developer Palm Hills, for instance, tumbled 5.7 percent despite saying that first-quarter net profit had more than quadrupled to 215 million Egyptian pounds ($28.2 million).Most other Gulf markets also moved 0.1 percent or less, with the exception of Dubai, which climbed 0.7 percent to a new four-and-a-half-month closing high of 4,182 points.Conglomerate Dubai Investments jumped 4.2 percent to 2.99 dirhams, attracting the attention of investors focused on technical analysis as it rose above its mid-April peak of 2.96 dirhams.
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