Egypt’s problems not over: Analyst

Egypt’s stock market soared on Monday, following the official election of the country’s new president, Mohammed Morsi of the Muslim Brotherhood. In his first address to the nation, Morsi called for national unity as he sets about building a civilian administration for the country.

But one analyst told CNBC that despite Morsi winning the vote, his power is limited.

“Morsi remains at risk of being little more than an interim president,” David Hartwell, Senior Middle East and North Africa Analyst at IHS, said on European Closing Bell. “The powers retained by the military mean that in practice Morsi’s power and room for maneuverability will be limited.”

Ahead of the elections, the Supreme Council of the Armed Forces (SCAF) dissolved parliament and issued a ruling claiming sweeping legislative powers and oversight of the transition process in the future, Hartwell pointed out.