Egypt stock exchange falls on the background of mass protests against
the President Morsi, Reuters reports.
Egypt's stock exchange tumbled Sunday amid growing unrest over
President Mohamed Morsi's decision to expand his powers in a nation
dispirited and angered by months of uncertainty.
The country's main stock index fell nearly 10% in one of the most
bruising days of trading since the 2011 uprising that toppled longtime
autocrat Hosni Mubarak. Morsi's power grab left traders fearful that
foreign investors — desperately needed to rescue Egypt's troubled
economy — would shy away from the nation in light of the latest spasm
of political instability.
"Egypt [could] declare bankruptcy in a matter of three months if the
current economic situation remains as is," Los Angeles Times cites
Hisham Tawfik, an executive board member on the Egyptian stock
exchange. "The market is witnessing one of its worst moments in
history. The current regime is a mirror image of the previous one".
The government, he said, has continued to "ignore the concerns of
investors."
