Egyptian stock exchange up on Morsi removal

  • The Egyptian stock market rallied up on Thursday following the ousting of President Mohammed Morsi the previous day.

    Stocks on the Cairo bourse were up by 7 percent, the largest one-day percentage gain seen in over a year.

    The country’s economic woes partly triggered this week’s popular uprising against Morsi and his Muslim Brotherhood party.

    Following the Arab Spring revolution that deposed Hosni Mubarak in 2011, political instability has resulted in a rise in inflation and unemployment coupled with a drop in foreign investment and tourist revenues.

    In addition, government debt has increased from $30 billion before Mubarak was removed to around $40 billion.

    Inflation, which stood at 3 percent two and a half years ago, is now at between 13 percent and 18 percent.

    Unemployment reached a record 13.2 percent under Morsi.