Egypt stocks boosted by Morsi talks

Mohammed Morsi, the Egyptian president, met judicial leaders yesterday in an effort to stop the violence that has flared up between his supporters and the opposition.

The EGX30, Egypt's benchmark index, rose by more than 2.5 per cent in trading yesterday, having dropped 9.5 per cent the previous day. The president's push to grant himself sweeping powers akin to those enjoyed by the regime of Hosni Mubarak has cast doubts over Egypt's future political stability.

"This week will be key in Egypt's future," said Teymour El Derini, a director of sales trading at Naeem Brokerage. "Everyone will be watching and everyone will be down in Tahrir on Tuesday."

fneuhof@thenational.ae