Last Update 22:28
Black Sunday: Egypt stocks slump 9.5 pct on Morsi decree
Political turmoil sparked by President Morsi's Constitutional Declaration hits Egyptian stocks during early trading on Sunday; further falls expected as opposition protests continue
Ahram Online, Sunday 25 Nov 2012
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Clashes
Protesters run from the riot police during clashes at Tahrir square in Cairo November 25, 2012 (Photo: Reuters)

Egypt’s stocks have plunged on the first trading day of the week following President Morsi's controversial Constitutional Declaration on Thursday.

The main index EGX30 fell 9.5 per cent on Sunday morning to below 5000. The broader index EGX70 tumbled 8 per cent.

Trading was suspended for 30 minutes after stocks tumbled five per cent at the beginning of the trading session. 169 shares dropped value while 15 remained unchanged. 

President Morsi issued a Constitutional Declaration on Thursday stating his decisions cannot be overturned by any judicial authority.

The decision angered many Egyptian judges, who said it impinged on their authority.

The declaration also replaced the prosecutor-general, who Morsi had attempted to remove several weeks ago but could not due to a legal barrier.

“The current political instability following President Morsi’s controversial declaration is behind the stock market plunge. An increase is still possible at the end of Monday’s session as investors might still be willing to take the risk despite the current turmoil,” said Ashraf Abdel-Aziz, head of institutional sales at Cairo-based brokerage Arabeya Online.

“However, it is almost certain that the stock market will witness further losses on Tuesday due to scheduled protests [against the Constitutional Declaration],” added Abdel-Aziz.

Around 180 listed stocks are suffering losses on Sunday, headed by heavyweight shares Orascom Construction Industries and Commercial International Bank, which were down by 9.5 and 10 per cent respectively.

Investment bank EFG-Hermes and Orascom Telecom slipped by 10 and 9 per cent respectively.





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Democracia
25-11-2012 11:22pm
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Great service!
Thank you Mr. President! You did a great service to the country and I praise you for your wisdom! But sorry to say, that just my neighbour came to me and ask me for help because he cannot afford the 40 pound doctor's fee for his sick child and yesterday another neighbour came and asked me for money to buy medicine for his sick wife and a pediatrist told me that most of the children he sees now suffer from malnourishment and have anaemia because they don't get good food... And this is Egypt and not black Africa!!! Thank you Mr. President for your great service for your beloved children!
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Sammy
25-11-2012 06:32pm
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who pay the price for the loses?
This is the cost of fighting the ex-regime elements. They will do all they can to harm the country, so some would wish Mubarak be back. Dream on. Egypt will shine. Let's be united against the revolution's enemies.
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mumby
25-11-2012 03:00pm
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Stop thguggery
Riot, political Turmoil,thuggery demonstration and strike make economy shrink.So that things must be ended.If many groups of Egyptian cannot reach consensus to ending that bad thing The elected President must use the power to restore calm,peace,discipline and people will.Democracy cannot work properly in riot time.
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