Stock market slumps on Parliament return
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Stock market slumps on Parliament return
On
Mon, 09/07/2012 - 12:00
The stock market sharply declined Monday morning by 5.5 percent due to random selling by foreign investors over fears of a possible clash between President Mohamed Morsy and the Supreme Council of the Armed Forces.
On Sunday, Morsy ordered the reinstatement of Parliament, which the Supreme Constitutional Court had dissolved in June.
Following Parliament’s dissolution, the military council issued a supplement to the Constitutional Declaration, stipulating that the council would be in charge of legislation.
The random sale of stocks caused the market lo lose LE13.2 billion in the first half hour of trading.
The court had ruled that parts of the parliamentary electoral law were unconstitutional because it allowed party-list candidates to compete for the seats allocated for independent candidates.
Edited translation from MENA
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