Egypt stocks slide as deadline nears | beyondbrics

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Egyptian stocks fell by nearly 2 per cent in early trading on Wednesday as the country braced itself for a trial of strength between Mohamed Morsi, the Islamist president, and the country’s military leaders.

The central bank ordered banks to close early, at 2 pm instead of 5 pm, although the stock exchange began trading normally at 10.30 am. An ultimatum issued by the army on Monday gave Morsi until 5 pm on Wednesday to resolve the country’s political crisis.

Stocks rallied in Cairo on Tuesday after the Supreme Council of the Armed Forces put a statement on its Facebook page saying: “We swear to God that we will sacrifice even our blood for Egypt and its people, to defend them against any terrorist, radical or fool.”"

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