Would everybody please calm down? That was what the Egyptian authorities seemed to be saying when they suspended share trading to let the spooked market compose itself. But the answer has come back: No.
Shares plunged further as soon as the Cairo stock exchange reopened late on Thursday morning local time, bringing losses on the day to 10. 6 per cent. They were down 6.2 per cent before the suspension and had fallen by 6 per cent on Wednesday too, reacting to audacious street protests against president Hosni Mubarak.
It seems Egypt’s political future is becoming more uncertain by the day. Talk of an incipient revolution in Africa’s second largest economy still seems overblown, but less so than it did two days ago.
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