Egypt Stocks Drop on Anti-Morsi Protests

Egyptian stocks opened in the red following anti-Morsi mass rallies. The main EGX30 index lost 1.5 per cent just an hour into the session, dropping below the 5,000 point level. The broader based EGX70 index also lost a sizeable 2.3 per cent to sit at 432 points. The stock exchange has been turbulent since the beginning of the week in reaction to President Mohamed Morsi's latest Constitutional Declaration, which split the country. More than a hundred thousand people demonstrated Tuesday to demand the annulment of the president's contentious decree in what is considered to be the most serious challenge to face Morsi since he was elected in July.