clear
Friday May 29th, 2015 8:21PM

Egypt's stock market tumbles after Morsi's decree

By The Associated Press
CAIRO (AP) -- Egypt's benchmark stock index on Sunday plunged by more than 9.5 percent 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.

President Mohammed Morsi edicts, which were announced on Thursday, place him above oversight of any kind, including that of the courts. The move has thrown Egypt's already troubled transition to democracy into further turmoil, sparking angry protests across the country to demand the decrees be immediately rescinded.

The judiciary, which was the main target of Morsi's edicts, has pushed back. Judges and prosecutors stayed away from several courts in Cairo and the southern cities of Assiut and Luxor to protest the presidential decrees.

With the opening bell of the country's stock market on Sunday, the first day of the workweek in Egypt, the turmoil spread from the country's bitter politics to its already ailing economy. The Egyptian Exchange's EGX30 index dropped 9.59 percentage points, making the losses among the biggest since the turbulent days and weeks immediately after the ouster in a popular uprising of authoritarian leader Hosni Mubarak last year.

Morsi, who narrowly won the presidency in June, says his measures were 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.

Prominent Egyptian democracy advocate Mohammed ElBaradei warned Saturday of increasing turmoil that could potentially lead to the military stepping in unless Morsi rescinds his new powers, as the country's long fragmented opposition sought to unite and rally new protests.

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.
© Copyright 2015 AccessNorthGa.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Doctors: Blood clot located in Clinton's head
Secretary of State Hillary Rodham Clinton developed a blood clot in her head but did not suffer a stroke or neurological damage, her doctors said Monday. They say they are confident that she will make a full recovery.
3:55PM ( 2 years ago )
Illinois Sen. Kirk to return a year after stroke
Nearly a year after a stroke left him barely able to move the left side of his body, U.S. Sen. Mark Kirk is expected to climb the 45 steps to the Senate's front door this week - a walk that's significant not just for Illinois' junior senator, but also for medical researchers and hundreds of thousands of stroke patients.
3:54PM ( 2 years ago )
U.S. News
Ga. ethics legislation could end free tickets
General Assembly approval next year of a proposed ethics reform measure could endanger an important fall tradition for Georgia lawmakers - free football tickets.
6:26PM ( 2 years ago )
Abortion restrictions, tax changes loom in Ga.
Tax breaks for manufacturers and higher unemployment taxes for employers take effect with the new year in Georgia, but it remains to be seen whether the state's newest abortion restrictions will be enforced.
6:23PM ( 2 years ago )
Business News
Couch names administrative team
Ahead of his scheduled swearing in Friday, Hall County Sheriff-elect Gerald Couch named his top administrative team Monday.
6:28PM ( 2 years ago )
Tech beats Southern California in Sun Bowl
Tevin Washington threw a touchdown pass and ran for another score to help Georgia Tech beat Southern California 21-7 on Monday in the Sun Bowl.
5:54PM ( 2 years ago )
Hall Co. officials launch health-based initiative for employees
Hall County officials believe healthy county employees will be of greater service to the county. With that in mind, they have created a health-based fitness initiative to provide free fitness training for county workers.
5:46PM ( 2 years ago )
Local/State News
Five injured after pedestrian enters Sardis Rd
Charges are pending against a pedestrian who reportedly caused a car accident on Sardis Road in Hall County.
5:52PM ( 2 hours ago )
Father: Woman shot by sheriff told Gwinnett police it was an accident
The woman who was shot and critically wounded by a Georgia sheriff told a detective the shooting was an accident that happened while they were practicing self-defense tactics in an empty model home in Gwinnett County, her father said Friday.
3:52PM ( 4 hours ago )
Falcon LB wanted for Aggravated Animal Cruelty
Atlanta Falcons linebacker Prince Shembo is wanted by Gwinnett County Police.
3:51PM ( 4 hours ago )
Lake Russell swimming area reopens, Lake Rabun still closed because of bacteria
One swimming beach is open but another remains closed in north Georgia after U.S. Forest Service officials found elevated levels of fecal coliform bacteria in the water last Saturday.
2:12PM ( 6 hours ago )
Boat involved in fatal accident on Lanier struck rocks before capsizing
A boat involved in a fatal accident on Lake Lanier in March struck "submerged and exposed" rocks before capsizing and trapping a passenger underneath it, resulting in her death.
12:43PM ( 7 hours ago )