Egypt stocks drops again after president's decree

AP News
Posted: Nov 28, 2012 11:27 AM

CAIRO (AP) — Egypt's benchmark stock index has plunged again in the second major drop since Islamist president Mohammed Morsi issued decrees to assume far-ranging powers.

Wednesday's drop of 4.6 percentage points was the latest sign of the impact of President Mohammed Morsi's decrees on Egypt's already battered economy. His move set off a wave of unrest, including a 200,000-strong demonstration in Cairo.

The latest drop on the Egyptian Exchange's EGX30 came after market shares plunged by close to 10 percent on Sunday. That was the biggest loss since the period following the ouster of longtime President Hosni Mubarak in February 2011 after a popular uprising.

Sunday's loss in share value was estimated at close to $5 billion.

A year and a half of turmoil has decimated tourism and foreign investment in Egypt.