Stocks sliding in Egypt
Shares on the Egyptian stock exchange continued to slide dramatically in early trading on Sunday, according to Reuters.
The sudden drop is reportedly caused by Mohammed Morsi’s recent decree, granting himself extensive new powers. There have been widespread protests across the country since the announcement.
Trading was suspended for 30 minutes soon after opening as the free-fall exceeding allowed limits. By 0915GMT, the market was down 8.7 per cent, according to Reuters. This comes at a bad time for Egypt's economy, as the deficit continues to grow and the GDP slumps to 2.6 per cent, well below targets of 4.5 per cent.
- Why Saudi's latest announcement to open up the stock market to foreign investors is a good move
- Saudi expected to emerge as seventh largest capital market and it's a very big deal!
- Time for some serious contemplation: Middle East firms face $91bn refinancing needs
- What's really holding Islamic Banking back?
- The rise of the Chinese renminbi: an unmatched opportunity for Qatar?