Egyptian stocks lost nearly 10% of their value halfway through the market's first trading session since the country's Islamist president issued decrees to assume near absolute powers. Mr. Morsi placed himself above any oversight, including judicial, and extended the same protection to two of his Islamist-dominated bodies, including one responsible for drafting the new constitution.
While the move is reportedly designed to "save the revolution", non-Islamic protesters have taken to the streets to voice their opposition. Over 300 people were injured on Friday alone as protests turned violent in some areas. Egypt's investors have been optimistic, with Egypt's stock market still up 35% this year, but that could quickly change in light of these events.
The Market Vectors Egypt Index ETF (NYSE: EGPT) will likely be in play during today's trading session as a result.