Egypt's stock market extends its decline after uncertain presidential election outcome

Egypt's stock market extends its decline after uncertain presidential election outcome. From "Egypt Independent". 

Egypt's main share index drops 3.4 percent to its lowest since 26 January, extending a decline after a weekend presidential election brought the country no closer to the stable democracy promised by its interim military rulers.
Hours before the Muslim Brotherhood said its candidate had defeated Hosni Mubarak's last prime minister in the election, the generals issued a decree that set strict limits on the new president's powers.
The Supreme Council of the Armed Forces (SCAF), which has pledged to hand power to an elected civilian by 1 July, had already dissolved the Islamist-led Parliament. Its liberal and Islamist opponents denounced a "military coup.”
Economists said the deepening political standoff only makes it harder to drag the country out of an economic malaise and attract sorely needed aid from foreign donors. The International Monetary Fund wants to see a political consensus on economic reforms before releasing an emergency aid package.
"How can you possibly make these huge economic decisions in such circumstances?" says Exotix economist Gabriel Sterne. "Such events as these only serve to undermine confidence and accelerate capital flight."



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