Egypt’s benchmark stock index has plunged 9.5 per cent halfway through the first trading session since the country’s Islamist president issued decrees to assume near absolute powers.

Sunday’s losses on the Egyptian Exchange’s EGX30 index are among the biggest since the turbulent days and weeks after the ouster of authoritarian leader Hosni Mubarak last year.

The fall follows the announcement Thursday by President Mohammed Morsi of a package of decrees that place him above any oversight, including judicial, and extend the same protection to two Islamist-dominated bodies: a panel drafting a new constitution and parliament’s upper chamber.

Morsi says his measures are designed to “protect the revolution,” but they triggered an uproar among non-Islamist political groups now vowing to press on with street protests to force him to back down.

Reform politician Mohamed ElBaradei and more than 20 Egyptian rights groups have called for decrees to be withdrawn.

Critics say the measures threaten the independence of Egypt’s judiciary, and the association representing judges in Egypt has called on courts to suspend all but their most vital activities in protest.

Thousands of judges, lawyers and court workers attended a noisy rally held Saturday at the Judges’ Club, while demonstrators for and against Morsi’s gathered outside. As tensions grew among those gathered in front of the building, riot police moved closers and fired tear gas to disperse the crowd.

Meanwhile, clashes between police and protesters were continuing Sunday for a third day in Cairo’s Tahrir Square.