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Cairo shares plunge 9% as crisis deepens

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CAIRO, Nov 25 AFP

November 25 2012, 10:00PM

Share prices on the Egypt Exchange have declined almost 9.5 per cent, with President Mohamed Morsi assuming sweeping powers that have sparked clashes and polarised the country's politics.

The main EGX-30 index shed 9.49 per cent to reach 4,923.19 points by midday on Sunday.

The bourse suspended trading for half an hour after intense selling by investors, a source at the exchange told AFP.

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.