Egyptian president Mohamed Mursi’s brief honeymoon with the markets seems to be over.
Egyptian stocks, which rallied on his election only two weeks ago, plunged 4.5 per cent on Monday, wiping out nearly a third of the gains of the gains made since June 24 when Mursi was confirmed as the country’s first democratically-elected leader.
The trigger was the new president’s decision on Sunday to defy the army and the courts by reconvening parliament. His Muslim Brotherhood allies on Monday announced that the assembly would meet on Tuesday – setting the scene for an immediate confrontation.
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