Egypt stocks bright red after Morsi's defiant speech

Ahram Online, Wednesday 3 Jul 2013

With huge protests aiming to unseat President Morsi, his speech to the masses only unnerves the exchange sending stocks down

A protester holds a placard against the Egyptian president at an opposition rally in Tahrir Square in Cairo, Egypt (Photo: AP)

Egypt’s stocks continue plunging in midday trading on Wednesday as investors turn their optimism off after President Mohamed Morsi's speech Tuesday, where he failed to concede to the demands of millions of Egyptians amassing on the streets calling for him to "leave."

Several political analysts say Morsi’s speech may incite civil violence in the streets.

The main index EGX30 dips 1 percent, recording 4,933 points in a session seeing around half of currently listed stocks (150) in red.

The broader index EGX70 declines 1.2 percent.

After blaming the ousted Mubarak regime for most of Egypt's ills, which Morsi said led to a degree of anger among the opposition, Morsi repeatedly stated that he would safeguard the "legitimacy" of the democratic process that brought him into office a year ago.

"I will protect [democratic] legitimacy with my life," the president asserted firmly.

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