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Egypt Stocks Sink Since Islamist President Instituted Controversial Power Decrees

Nov. 25, 2012 9:07am

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.

Egyptian Exchange EGX30 Index Falls 9.5 Percent Following President Morsis Power Decrees

Screenshot showing the EGX 30 index.

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.

Egyptian Exchange EGX30 Index Falls 9.5 Percent Following President Morsis Power Decrees

n this Friday, Nov. 23, 2012 photo released by the Egyptian Presidency, President Mohammed Morsi, center right, waves to supporters outside the Presidential palace in Cairo, Egypt. Egypt’s official news agency says that the country’s highest body of judges has called the president’s recent decrees an “unprecedented assault on the independence of the judiciary and its rulings.” (Photo: AP/Egyptian Presidency)

Egyptian Exchange EGX30 Index Falls 9.5 Percent Following President Morsis Power Decrees

Egyptian protesters gather outside the country’s high court in Cairo, Egypt, Saturday. (Photo: AP/Mohammed Asad)

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.

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Comments (30)

  • zoro51
    Posted on November 26, 2012 at 11:04am

    his time is near to be de throned i dont pity the murdering muslum at all.. egypt is not a counrty to be invested in at all,..

    Report this comment

    zoro51  
  • possom
    Posted on November 25, 2012 at 5:34pm

    I smell a civil war brewing and king barry is going to come to the muslim’s rescue!

    Report this comment

    possom  
  • kindling
    Posted on November 25, 2012 at 5:22pm

    McCain says ” the United States should use its leverage in Egypt — including billions of dollars in aid and ongoing debt forgiveness — to persuade President Mohammed Morsi to back off.”

    I say “why the hell are we senting money and forgiving debt to people THAT HATE US”! We need to keep our money here and forgive our own debts! Stop buying friends because THEY ARE NOT OUR FRIENDS!

    Report this comment

    kindling  
  • coyote1hell
    Posted on November 25, 2012 at 3:41pm

    Watch your back…Big “(o)” is watching this carefully………

    Report this comment

    coyote1hell  
    • carhouse
      Posted on November 26, 2012 at 8:55am

      obozo will do the same thing.
      he will stay in office until he decides when and who shall govern next.
      he almost had to do it on Nov. 7th
      we are screwed all!!

      Report this comment

      carhouse  
  • The-Monk
    Posted on November 25, 2012 at 12:03pm

    And everyone around Morsi that knew he was going to do that “sold short” and prospered $$.

    A similar event took place in Turkey at the start of Desert Storm. I’m beginning to think a lot of discussions made in the mid-east are for financial gain mainly.

    Report this comment

    The-Monk  
  • What the Heck
    Posted on November 25, 2012 at 11:30am

    Why would anyone want stock in a country run by such unstable people?

    Report this comment

    What the Heck  
  • ellietoo
    Posted on November 25, 2012 at 10:46am

    A few days before Hillary arrived to talk to the president of Egypt he was shouting his hate speech about Israel. Then suddenly he is a peace broker. Now he is a dictator! What did Hillary promise him? The US is now supplying 2 billion dollars a year to a terrorist regime in Egypt.
    Why should we care? We now have a terrorist supporting regime in the United States.

    Report this comment

    ellietoo  
  • ares338
    Posted on November 25, 2012 at 10:32am

    Islam does not want or require order to function as a society. They have fear and chaos as their most effective tools. All they want is Democracy……yeah uh huh! I say we need to get the hell out of all of those countries who take our money then kill us. It doesn’t take a genius to figure out they really don’t want to be our good buddy. We have more than enough energy reserves in this country if the bark biters will get the hell out of the way.

    Report this comment

    ares338  
  • dublinthewagons
    Posted on November 25, 2012 at 10:09am

    If Morsi could print more money. He would be just like Obama.

    Report this comment

    dublinthewagons  
  • BlackCrow
    Posted on November 25, 2012 at 10:00am

    How is it possible that any of this was not expected by any thinking person who has read any of the history of Islam and the Arab peoples? These are tribal desert goat herders and dry land pirates who look to the 7th century as the model for the world.

    Report this comment

    BlackCrow  
  • barber2
    Posted on November 25, 2012 at 9:54am

    Miss the days when we just had countries which were dedicated to destroying us. Now we have an entire , world-wide bunch of hate-filled, religious nuts and their equally insane, hate-filled political nuts, the so-called ” anti-capitalists.” Seems like mankind has gone bonkers and is rushing , like lemmings, to plunge off of the cliff to self-destruction.

    Report this comment

    barber2  
  • progressiveslayer
    Posted on November 25, 2012 at 9:45am

    We’re giving billions to MB controlled Egypt and other countries controlled by the MB. We have a Marxist POS fraud president taking our money and funding our enemies,this situation is FUBAR.

    https://www.youtube.com/watch?v=MRewMy7PSX4

    Report this comment

    progressiveslayer  
  • Magyar
    Posted on November 25, 2012 at 9:31am

    Shocking, isn’t it? Who would have guessed…. Egypt is now nothing more than a satellite state of Iran…

    With a dictatorship reinforced by Sharia—what could possibly go wrong?

    Professional women who are doctors, lawyers, teachers etc— will soon be prisoners in their homes in full burqa—-

    Report this comment

    Magyar  
  • Twisted Mind
    Posted on November 25, 2012 at 9:22am

    Egypt is getting just what they voted for. Sad to say, so will we.

    Report this comment

    Twisted Mind  
  • AbrahamsSheepdog
    Posted on November 25, 2012 at 9:21am

    This is history repeated. He will blame Israel. He will need their treasure soon. Very evil at work. There is no peace without God. Pharoah is gonna have some troubles of old.

    Report this comment

    AbrahamsSheepdog  
  • progressiveslayer
    Posted on November 25, 2012 at 9:21am

    Morsi the heathen MB lunatic is drunk with power and wants absolute power,no surprise here. Mubarak was a dictator but at least there was peace between Israel and Egypt when he was in power. Barry comes to power and removes Mubarak,an obstacle to the ‘Arab spring’ the Marxist mulatto POS initiated in his Cairo speech. As long as the MB controls Egypt the region will be unstable and eventually they’ll be at war with Israel,of course that was Barry’s plan all along because he knows what the MB stands for and he agrees with their agenda,that’s why he installed his man Morsi.

    Report this comment

    progressiveslayer  
    • henryKnox
      Posted on November 25, 2012 at 10:24am

      Agreed. Mubarak strangely enough was a moderate compared to those that the US administration has installed now. I shutter when I hear the uprising called “Arab Spring” because it is more correctly called the “Islamic Spring”.

      Report this comment

      henryKnox  
    • JP4JOY
      Posted on November 25, 2012 at 10:29am

      And with Turkey declaring it is the capital of the new Caliphate what could really go wrong? Turkey is just standing back and when the dust settles the new Kingdom stretches from Pakistan to Morocco declaring itself the new moral authority of the earth.

      Carpet bombs, lots and lots of them and really soon. Oh my, forgot who we have to rely on for THAT order. WWIII won’t happen it will just be quiet submission by the Western World. Will there be a “Call to Arms”? I’m still “ready, willing and able” but I’m getting older all the time.

      Report this comment

      JP4JOY  
    • progressiveslayer
      Posted on November 25, 2012 at 10:48am

      JP I hear ya and I feel the same way,we’re just getting older and the longer it goes before the SHTF the more difficult things will be. Depression part two is coming right up so maybe that will speed things up.

      Report this comment

      progressiveslayer  
  • Snowleopard {gallery of cat folks}
    Posted on November 25, 2012 at 9:19am

    Learn well America, this is what will happen here at home under Obama, only many times worse.

    Report this comment

    Snowleopard {gallery of cat folks}  
  • RIGHTHOOK
    Posted on November 25, 2012 at 9:17am

    Morsi=Obama=Morsi=Obama=Obama………………………………………………..

    Report this comment

    RIGHTHOOK  
    • RJJinGadsden
      Posted on November 25, 2012 at 9:19am

      We don’ need no stinkin’ Congress!

      Report this comment

      RJJinGadsden  
    • barber2
      Posted on November 25, 2012 at 9:56am

      Morsi is being opposed by Egypt’s judges. Too bad our congress isn’t fighting back against Mr. Executive Order. Our countries are both at peril from a power imbalance.

      Report this comment

      barber2  

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