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Egypt stocks drop on anti-Morsi protests

Anti-Morsi protests and political uncertainty weigh on Egypt's stocks, with the EGX30 dropping below 5000 points

Ahram Online, Wednesday 28 Nov 2012
Morsi
A protester holds a placard against the Egyptian president at an opposition rally in Tahrir Square in Cairo, Egypt, Tuesday, Nov. 27, 2012. (Photo: AP)
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Egyptian stocks opened Wednesday in the red following anti-Morsi mass rallies on Tuesday afternoon.

The main EGX30 index lost 1.5 per cent just an hour into the session, dropping below the 5,000 point level.

The broader based EGX70 index also lost a sizeable 2.3 per cent to sit at 432 points.

The stock exchange has been turbulent since the beginning of the week in reaction to President Mohamed Morsi's latest Constitutional Declaration, which split the country.

More than a hundred thousand people demonstrated Tuesday to demand the annulment of the president's contentious decree in what is considered to be the most serious challenge to face Morsi since he was elected in July.

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