Egypt’s stocks plummet 10% on Morsi acts

Protests against decrees on powers see first death

Posted: November 26, 2012 at 12:22 a.m.

Egyptian protesters clash with security forces near Tahrir Square in Cairo on Sunday. President Mohammed Morsi’s edicts, which were announced on Thursday and place him above oversight of any kind, including that of the courts, are sparking protests across the country.

Egypt’s benchmark stock index plunged by nearly 10 percent Sunday in the first trading session since the country’s Islamist president issued decrees to assume sweeping new powers, while police in central Cairo fired tear gas at protesters who accuse the Egyptian leader of a blatant power grab.

More Protests in Egypt Over Morsi Edicts

Clashes erupted as protests continued in Cairo on Saturday evening against President Mohammed Morsi's decision to grant himself new powers. (By AP)
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