Traders work at the Egyptian stock exchange in Cairo, May 28, 2015. REUTERS/Mohamed Abd El Ghany
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Not even tax-free stocks can stop foreigners from dumping Egyptian equities.Shares in Egypt are trading at 12.4 times projected earnings for 2015, compared with 13.7 times and 16.7 times for indexes in Dubai and Saudi Arabia, respectively.Since the start of the uprising that ousted Hosni Mubarak in 2011, non-Arab foreigners' holdings of Egyptian equities halved to 12 percent of the $71 billion market, according to Egyptian Exchange data.The government on May 18 postponed a 10 percent tax on income from stocks by two years to make the market more competitive.
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