Cairo Shares Plunge 9% as Political Crisis Deepens
Share prices on the Egypt Exchange declined almost 9.5 percent by midday (1000 GMT) on Sunday, after President Mohamed Morsi assumed sweeping powers that sparked clashes and polarized the country's politics.
The main EGX-30 index shed 9.49 percent to reach 4,923.19 points, according to the Egyptian Exchange.
The stock exchange suspended trading for half an hour after intense selling by investors, a source at the exchange told Agence France Presse.
The drop comes as Egyptians have been deeply split by Morsi's move to place his decisions beyond judicial scrutiny with rival rallies sparking violence in several major cities.
The powerful Muslim Brotherhood has called nationwide demonstrations in support of Morsi's decree, which has put him on a collision course with the judiciary and with many of the political forces that brought down Hosni Mubarak in a 2011 popular uprising.
Source: Agence France Presse
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