Egypt: market falls on political tension | beyondbrics

Egypt’s political leaders are raising the temperature – and the stock market is wilting in the heat.

The EGX30 index fell 4.6 per cent on Wednesday, as the Constitutional Court threw down the gauntlet to president Mohamed Morsi saying it would not intimidated after he last week unilaterally exempted all his decisions from judicial view.

The court’s declaration came as the country’s appeals courts joined the lower courts in suspending their activities in a protest strike. The stock market has now fallen 11.5 per cent since Morsi’s power grab.

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