Egyptian stocks recovering

Egypt's bourse jumped into the green on Monday morning with the main EGX30 index gaining 2 per cent to climb above the 5,000 points level 45 minutes after the session opened.

The stock market dropped a whopping 10 per cent on Sunday following the wide political divisions triggered by President Mohamed Morsi's latest constitutional declaration.

On Monday the market slid 3.5 per cent 20 minutes after the session started, but started to recover afterwards. Such recoveries normally follow large drops as share prices become attractive to speculators.

The broader EGX70 index, however, dropped 2.12 per cent on Tuesday and has not seen a recovery.

Market leaders, Orascom Construction Industries (OCI) and Commercial International Bank both gained 2.5 per cent.

Orascom Telecom Holding and Ezz Dekheila gained 5.8 and 6.3 per cent, respectively.

The situation in Egypt remains volatile as mass protests are planned in several cities across Egypt on Tuesday in support and in opposition of the president's latest power grab.

President Morsi is also scheduled to meet with representatives of the judiciary on Tuesday afternoon to discuss the crisis.