Egypt shares slump as clashes continue in central Cairo
Sapa-dpa | 25 November, 2012 12:55
Protesters run from the riot police during clashes at Tahrir square in Cairo November 25, 2012. Egyptian President Mohamed Mursi's decree that put his decisions above legal challenge until a new parliament was elected caused fury amongst his opponents on Friday who accused him of being the new Hosni Mubarak and hijacking the revolution. Police fired tear gas in a street leading to Cairo's Tahrir Square, heart of the 2011 anti-Mubarak uprising, where thousands demanded Mursi quit and accused him of launching a "coup". There were violent protests in Alexandria, Port Said and Suez.
Image by: MOHAMED ABD EL GHANY / REUTERS
The Egyptian stock market slumped Sunday, as protesters clashed with riot police near the embassy of the United States in central Cairo, state media reported.
The Cairo Stock Exchange's main EGX30 index had plunged by 8.7 per cent by midday, more than the allowed limit, prompting trading to be suspended for half an hour.
Sunday marked the first day of trading since President Mohammed Morsi angered his opponents by granting himself new sweeping powers.
On the streets of Cairo, clashes were reported near the embassy, which is just south of Tahrir Square. The military had previously erected a concrete wall to block direct access from the square to government institutions.
Egyptians have taken to the streets for a seventh day in a row now. The protests started on Monday, with a demonstration marking the anniversary of last year's deadly clashes, which led to the ousting of president Hosny Mubarak.
The protests swelled on Thursday, shortly after Morsi issued a constitutional amendment preventing the courts from blocking his decrees or drafting a new constitution.
According to the Health Ministry, 57 people were injured in Cairo and in the Nile Delta city of Damanhour during the morning clashes.
Elsewhere, two explosions damaged police and intelligence properties in the city of Rafah, in the Sinai peninsula.
Four members of the Central Security Forces were injured in one of the blasts, which targeted a building - still under construction - hosting a number of police officers.
Another explosion had previously rocked an intelligence office in the same city. No injuries were reported in that attack.
Islamist militants are believed to have been responsible for several attacks on a Sinai pipeline that exports gas to Israel, as well as raids on police stations in the mountainous desert peninsula.