Egypt’s stock market seems to have stabilised since its dramatic 9.6 per cent fall on Sunday, triggered by the latest round of political turmoil. On Monday, the EGX30 index rose 2.6 per cent and was trading flat in the early afternoon, Cairo time, on Tuesday.
But the political confrontations of the last few days are a reminder that Egypt’s leaders are a long way from giving priority to the economy. The International Monetary Fund programme announced last week is anything but a done deal.
As Heba Saleh reported for the FT, president Mohamed Morsi has failed to convince the opposition legal experts of the merits of his decree last week giving his decisions immunity from judicial review.
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