- September 4, 2008
- 5 minutes read
After Arresting NDP Official, Economic Expert Expects “A Settling Of Accounts Among The Powerful”
“It is expected that there would be a settling of accounts among the powerful after arresting the NDP businessman Hisham Talaat Mostafa,” Professor of Economics at the
Abdul Fattah warned of what he termed as “the fragility of the Egyptian Economy”, which is controlled by a limited number of businessmen, the thing that threatens it with collapse. He laid the blame on the lack of “National Institutional Capitalism”, clarifying that under the existence of Institutional Capitalism, the individual absence has no influence.
On the other hand, he warned of the absence of the Institutional Capitalism that puts the national economy at a high risk, adding that despite the fact that the case is a criminal one; the Egyptian Stock Market and the Egyptian Economy are influenced by the news away from economics, which confirms the fragility of the economic situation.
The Egyptian Stock Market witnessed Wednesday a sharp fall down following the retreat of most leading shares (Orascom Construction, Orascom Telecom, Hermes, and Al–Ezz for Iron).
Talaat Mostafa Group shares suffered the worst drop just before a short period of the official declaration of referring Hisham Talaat Mostafa to the criminal court on charges of complicity in murdering the Lebanese singer Suzan Tamim in
The stock market index fell by 2.3% after the loss of 198 points to settle at the end at the 9238 points.