Sunday 23 December 2012

MIDEAST STOCKS-Egypt drops after constitution approved; Gulf mixed | Reuters

Egypt's bourse dropped in volatile trade on Sunday, pulled down by profit-taking and concern that the central bank governor might resign, after stocks rose early on in response to voters' approval of a new constitution for the country.

Supporters and opponents of President Mohamed Mursi said their unofficial counts showed the constitution had been approved after two rounds of voting that ended with a final ballot on Saturday.

The vote does not remove and may inflame political tensions in Egypt; many in the opposition feel Mursi's action in pushing through the constitution violated the country's new democracy, and that the document favours Islamists while ignoring the rights of Christians and women. So the vote could be a recipe for further unrest in the long term.

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