Egyptian stock market dives after President grabs powers

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The Independent Online

Egypt's stock market plunged yesterday in its first day open since Islamist President Mohamed Morsi's seizure of new powers set off street violence and a political crisis, unravelling efforts to restore stability after last year's revolution.

More than 500 people have been injured in protests since Friday, when Egyptians awoke to news Mr Morsi had issued a decree temporarily widening his powers and shielding his decisions from judicial review.

His office repeated assurances yesterday that the measures would be temporary, and said he wanted dialogue with political groups.

The stock market fall of nearly 10 per cent was the worst since the uprising that toppled Hosni Mubarak in February 2011.