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.
- Integrating Islamic finance: challenges ahead for the global sukuk market
- Restoring confidence: Can S&P bank upgrade help Lebanon's economy?
- Getting their priorities straight: Emirati households spending more on phones, cars than education
- Why Qatar stocks hit six year high this week
- Are Arab Bankers right to blame the region's deteriorating economies on the Arab Spring?