A Day After Coup, A New & Uncertain Order in Egypt
7/4/2013, 9:21 a.m.
CAIRO, Egypt (CNN) -- An uncertain new political order began to take shape in Egypt on Thursday, a day after the military deposed and reportedly detained the country's first democratically elected president, put a top judge in his place and suspended the constitution.
The state-run Al-Ahram News reported that Egypt's stock market surged 7% in the first hours of trading Thursday to a near two-month high.
Wednesday's coup that toppled Mohamed Morsy prompted hundreds of thousands of people in the streets across Egypt to both applaud and assail the generals' decision to step into the country's political fray for the second time in slightly more than two years.
It also raised questions: What will happen to Morsy and his supporters, who insist he remains the country's legitimate leader? Will violence blamed for the deaths Wednesday of at least 32 people spread? What hopes remain for Egypt's attempts to build a multiparty democracy?
"I don't think that the military's so-called road map is actually going to move smoothly," said Hani Sabra, director of the Middle Eastern arm of the Eurasia Group, a U.S.-based political risk research and consulting firm.
"I think there are a lot of challenges it faces," Sabra said, noting the threat of more violence, possible divisions within the anti-Morsy coalition and Egypt's economic woes.
On Thursday morning, Tahrir Square in Cairo was calm. The huge crowds that had celebrated Morsy's ouster with horns, cheering, fireworks the night before had thinned.
Morsy, a Western-educated Islamist elected a year ago, "did not achieve the goals of the people" and failed to meet the generals' demands that he share power with his opposition, Egypt's top military officer, Gen. Abdel-Fatah El-Sisi, said Wednesday in a televised speech to the nation.
Adly Mansour, head of the country's Supreme Constitutional Court, replaces Morsy as Egypt's interim president, El-Sisi said.
Following a decree last month by Morsy, Mansour had become head of the court just two days earlier. He was sworn in as interim president Thursday in Cairo.
At the ceremony, Mansour said the Egyptian people had given him the authority "to amend and correct" the revolution that toppled Hosni Mubarak in 2011.
Until new elections, to be held at an unspecified date, Mansour will have the power to issue constitutional declarations, El-Sisi said.
The military had not commented on Morsy's whereabouts. But Muslim Brotherhood spokesman Gehad El-Haddad told CNN the deposed president was under "house arrest" at the presidential Republican Guard headquarters in Cairo.
The state-run Middle East News Agency said two leaders of the Muslim Brotherhood's political party had been taken into custody; the state-run newspaper Al-Ahram said police were seeking another 300.
The Egyptian military has dominated the country for six decades and took direct power for a year and a half after Mubarak's ouster.
Morsy's approval ratings plummeted after his election in June 2012 as his government failed to keep order or revive Egypt's economy.
Morsy's opponents accused him of authoritarianism and forcing through a conservative agenda, and on Monday the military gave him 48 hours to order reforms.