Egyptian Markets Fall Amid Concerns Over President Hosni Mubarak's Health

(March 15) -- Concerns over the health of ailing Egyptian President Hosni Mubarak have sent the nation's stock market falling during the last two days.

Mubarak has not been seen in public since he entered a German hospital for gallbladder surgery on March 6, and despite positive reports from the official Egyptian news service, fears about his health have circulated on the Internet and in the financial markets. On Twitter and Egyptian blogs, rumors spread that the 81-year-old president had died or was in grave condition.

Cris Bouroncle, AFP / Getty Images

As fears about the health of Egyptian President Hosni Mubarak, here in Cairo last year, have circulated in the last two days, the country's stock market has dipped.

Egypt's main stock index fell 3.84% on Monday after slipping more than 2% on Sunday. Agence France-Presse, the French news agency, quoted analysts as saying the drops were due to concerns about Mubarak.

Egyptian newspapers also have taken note of his absence, with an opposition daily running the headline "Egypt Is Waiting for a Photo of President Mubarak."

The Egypt State Information Service has posted updates since Mubarak's surgery, all casting his recovery in a positive light. The service said he was treated at Heidelberg University Hospital and had his gallbladder and a benign growth in his small intestine removed. The most recent updates came Sunday. The minister of heath, Dr. Hatem El-Gabaly, said Mubarak had been moved from intensive care into a regular hospital room and his condition "is improving."

The Web site also quoted the president's doctor, Marcus Buchler, as saying that Mubarak was "progressing normally."

"I met him this morning at his room for a regular daily medical checks and follow-up. He visited me for a coffee and was in his usual witty mood with the medical team," Buchler said in his statement. "His physical mobility is improving in a satisfactory manner. The clinical and regular laboratory investigations are all moving in the right direction."

The U.S. State Department did not immediately respond to a request for comment from AOL News. The Egyptian Embassy in Washington referred questions to the State Information Service's Web site.

Mubarak has held office since 1981. During his surgery, he delegated power temporarily to Prime Minister Ahmed Nazif.