Egypt market plunges for 3rd day on crisis

Egyptian protesters and riot police face off in Alexandria, Egypt, Monday, Nov. 21, 2011. Security forces fired tear gas and clashed Monday with several thousand protesters in Cairo's Tahrir Square in the third straight day of violence that has killed dozens of people and has turned into the most sustained challenge yet to the rule of Egypt's military. Protesters also marched Monday other cities, including thousands of students in the coastal city of Alexandria calling for those responsible for the violence in Cairo to be punished. (AP Photo)

Egypt’s benchmark stock index has plunged for a third consecutive day as protesters call for a million-man rally to demand the ouster of the country’s military leader.

The EGX30 index fell by over 3 per cent within minutes of the market’s opening on Tuesday, building on the previous day’s 4 per cent decline.

A fourth day of protests what activists are dubbing Egypt’s “second revolution” has unsettled investors and raised questions about the country’s political course just days before the first parliamentary elections to be held since the ouster of authoritarian leader Hosni Mubarak in mid-February.

The country’s civilian Cabinet offered its resignation late on Monday, but the move failed to appease the protesters who have repeatedly clashed with security forces.