Stock market falls again after constitutional referendum rejection

The Egyptian stock exchange dropped Monday after gaining Sunday, as a main opposition coalition rejected President Mohamed Morsy’s plan to put the draft constitution up for a referendum Saturday.

The main stock exchange index went down 1.7 percent to 4,968 points, declining for the third time within six sessions.

The market has oscillated between 5,100 and 4,700 points since Morsy issued his initial constitutional declaration 22 November, giving himself sweeping powers.

Morsy canceled that decree Saturday, which led to a wave of rises in stock prices, led by foreign investors. Egyptian investors, however, are still uncertain about the political and economic future of the country.

All stocks on the main index except for five fell, including Palm Hills, which went down 1.5 percent, and Orascom Telecom, which declined by 0.8 percent.

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