Egypt stocks jump, trade suspended briefly

CAIRO — Egypt’s MENA news agency says authorities halted trading on the country’s stock exchange for half an hour after shares surged on the declaration of Islamist Mohammed Morsi as president.

The temporary halt came after the EGX100 index rose more than 5 percent, triggering a “circuit breaker” designed to prevent drastic market fluctuation. Monday’s investor optimism also helped the benchmark index EGX30 jump by 6.7 percent.

Morsi’s victory in what was a tight race pitting him against deposed leader Hosni Mubarak’s last Prime Minister has ended a period of uncertainty, but the new president still faces daunting economic and political challenges.