Egypt Stocks Sink Since Islamist President Instituted Controversial Power Decrees
CAIRO (TheBlaze/AP) — Just as Nobel Peace laureate Mohammed ElBaradei predicted Saturday that turmoil would increase if Egypt’s Islamist President Mohammed Morsi didn’t rescind his decrees giving himself near absolute powers, the nation’s benchmark stock index has plunged 9.5 percent halfway through the first trading.
Sunday’s losses on the Egyptian Exchange’s EGX30 index are among the biggest since the turbulent days and weeks after the ouster of authoritarian leader Hosni Mubarak last year.
The fall follows the announcement Thursday by President Mohammed Morsi of a package of decrees that place him above any oversight, including judicial, and extend the same protection to two Islamist-dominated bodies: a panel drafting a new constitution and parliament’s upper chamber.
Morsi says his measures are designed to “protect the revolution,” but they triggered an uproar among non-Islamist political groups now vowing to press on with street protests to force him to back down.
Egypt’s liberal and secular forces – long divided, weakened and uncertain amid the rise of Islamist parties to power – are seeking to rally themselves in response to the decrees.
On Sunday, protesters clashed with police in Cairo’s Tahrir square, birthplace of the uprising that toppled Mubarak, and in the side streets and avenues leading off the plaza. The Interior Ministry, which is in charge of the police, said a total of 267 protesters have been arrested and 164 policemen injured since the protest began a week ago, initially to mark the anniversary of street protests a year ago against the nation’s then-military rulers. Forty-two protesters were killed in those demonstrations.
The ministry did not say how many of protesters were injured in the latest clashes, but they are thought to be in the dozens.
Several dozen protesters are staging a sit-in in Tahrir, vowing not to leave before Morsi rescinds his decrees. The two sides have called for rival massive protests on Tuesday at two Cairo locations less than a mile apart, raising the possibility of renewed clashes between supporters and opponents of Morsi.
In the latest sign of the unrest sweeping the country, suspected militants blew up a military installation under construction in the central Sinai Peninsula area of al-Qaseema early Sunday, wounding three workers, according to security officials speaking on condition of anonymity because they were not authorized to brief the media.
It was the second blast to target a military building in Sinai in as many days. On Saturday, another border guard structure under construction was blown up in Rafah, close to the Israeli border.
There was no immediate claim of responsibility in either attack, but authorities have been battling al-Qaida-inspired militants in Sinai who have stepped up attacks against Egyptian security forces, and even on occasion staged cross-border raids targeting Israelis.
- ‘The Daily Show’ Creator Makes Outrageously Offensive Anti-Conservative Joke About Okla. Tornado 479 Comments
- Why Were DHS Agents Seemingly Monitoring Multiple Tea Party IRS Protests Across the Country on Tuesday? 422 Comments
- Confusion Erupts in IRS Hearing After Lois Lerner Tries to Plead the 5th — Watch It All Unfold 383 Comments
- CNN’s Wolf Blitzer Has Awkward Moment With Okla. Tornado Survivor After Asking If She ‘Thanked the Lord’ 301 Comments
- More Than $1 Million Raised Through Mercury One for Oklahoma Tornado Relief 266 Comments
- Comedian’s New Anti-Muhammad Video Excoriates Islamic Prophet, Juxtaposes Him with Jesus: ‘Very Wrong and Twisted’ 108 Comments
- Teacher Admits She ‘Prayed Out Loud’ During Violent Tornado: ‘I Did the Teacher Thing that We’re Probably Not Supposed to Do’ 112 Comments
- Farrakhan Talks of ‘Satanic Jews’ and ‘Synagogue of Satan’ at Detroit Church Speech — but Wait Until You Hear Who Was in Attendance 214 Comments
- Biden Praises Jewish Leaders for Helping Change Americans’ Views on Gay Marriage Read More
- ‘Death! You F**k!’: Bat Mitzvah Chaperone Unleashes Explosive, Profanity-Laced Tirade Against Kids Over Candy-Throwing Incident Read More
- Foreign Banks Operating on U.S. Soil Have Just Set a Record Read More
- The Tense Exchange Between Rep. Trey Gowdy and the Former IRS Head You’ve Been Waiting for…and It Doesn’t Disappoint 185 Comments
- Report: No IRS Workers Have Been Disciplined & Union Says It Hasn’t Been Contacted on Personnel Read More
- Ex-Cincinnati IRS Manager: This Was Not the Work of ‘Low-Level’ Employees Read More
- China Sets off What Could Be the World’s Longest Demolition Read More
- The Incredible Role Facebook Played in the Aftermath of Devastating Okla. Tornado Read More
- Tech Company Demonstrates Remote Disabling of a ‘Smart Gun’ 111 Comments
- Meet the Blind Man Nicknamed ‘Midnight Gunslinger’ Who Has 80% Shot Accuracy Read More
- How a $4.5 Million Network of 181 Sirens Helped Save Lives in Oklahoma Twister Read More
- See the Record-Setting Python a Man Caught With His Bare Hands (and Guess How Much It Weighed) Read More
- Inaugural tournament cut to 54 holes
- One block: How neighbors saw twister's deadly path
- Jennifer Lopez to open cellphone stores
- Kerry: US, allies ready to step up aid to rebels
- A divided Fed wrestles with when to slow bond buys
- Obama to honor Carole King at White House concert
- Twitter adds security measure to logins
- Key House chairman slams Senate immigration bill