yusef, cnbc, cairo. >>> now, we have yusef live in egypt for mr on this. yusef, so is this transition the amendment to the constitution looking like it will herald a new area of political stability? because as you were pointing out there, the investors in the egyptian stock sdhaexchange hav taken it to a three-year high. is there too much baked into the cake here? >> well, the analysts that i've spoken to, julia, tell me that the successful completion of the transition is actually already priced in partially at the current levels in the egyptian stock exchange. this morning, extending that rally, then, and going above 6% year-to-date. it has been very stellar rally since the ouster of mohammed morsi. and that really reflects how investors feel about how this transition is being handled. what is important to point out here is that this rally is driven more by local investors, retail investors and the constitutional investors a bit more on the sidelines. investors are not back yet to the levels we saw before the revolution. this is, of course, a vote of conf

yusef is in cairo with the latest. yusef, what do we know? >> well, ross, it's been a dramatic few hours. it started off with a large explosion that rocked the capital, woke me up, as well, really. it was felt across the city. basically, went up at the cairo police headquarters not too far away from our vantage point, probably about 3 to 4 kilometers. that is a symbol of state security. we understand from the ministry of health that at least four people have been killed in that explosion and 76 injured. leaving a massive crater and damaging not just the front facade of the building, but also some of the surrounding structures, as well. keep in mind that security officers and administrative interior have already taken additional precautions in anticipation of violence over the weekend. and that was followed by a section explosion just a few hours ago. again, here we understand from the ministry of health that one person has been killed and four wounded. that was your metro station again. not too far from our vantage point in that direct. again

yusef is in cairo. who would say if you want down to sharp and that region, there's still people coming and having a nice time. >> absolutely, ross. let me get you up to speed, though. in the last 30 minutes, state state media has reported that police officers have diffused a bomb under a car across the river behind me here in the central part of cairo. and that underscores something that the middle east economics pointed to in a note late yesterday, as well, that there is this jurntd current, these tensions with the muslim brotherhood continue. those risks being flared up later on as we get closer to parliamentary and presidential elections. tourism in all of this is trying to find a way through. tourism in egypt account for 1 in 8 jobs. after the ousting of mohammed morsi last year, many visitors went elsewhere. >> 2013 was a very bad year for us. >> according to egypt's official statistics agency, tourist arrivals in 2013 fell almost 39% year on year. this place used to be packed with fourteen touris

joining us with more is yusef. yusef, how is the vote going? >> well, so far, ross, it's slightly more peaceful than yesterday. stai state media saying clashes in the last 24 hours in supporters of president mohammed morsi and security forces across different parts of the country. what i've been able to observe, issues like the role of religion, the issue is much more one of whether or not individual egyptians support the idea of the army back transition and possibly even a candidacy of the army chief himself. this is why this referendum, the second day which ends today at 9:00 p.m., is so important. that is why the turnout figures are going to be critical and the benchmark will be the previous constitutional referendum. the end of 24 was about 33%. that's the figure to be theoretically if the army back transitional government would like more legitimacy and proof to the world that they're going in the right direction. we're watching very, very closely. they are secured some grants from the oil rich gulf countries to the tune of $12 billion. tha

yusef is in cairo with us once again. yusef, this latest incident, how does it play into what's going on? >> well, ross, a police general was killed in a drive by shooting early this morning outside his house. and this is yet another incident that specifically targets the country's security forces. you recall that on friday, a series of bombings targeted the country's security structures, as well. the police station specifically. and the organization that has claimed responsibility in the past for these kinds of actions is a sinai based fundamentalist group by the name of ensar betamoxis. that may happen in the next ten hours or so. tensions are running high for another rope, as well. the trial of ousted president mow ham he had morsi is currently continuing. security forces and additional soldiers are on duty to secure the whole perimeter. there have been sporadic skirmishes. tear gas has been fired. we have to see whether that violence can be contained throughout the day. no decision is expected on the front of the tria

yusef, what does this now mean for the country? what does this take us? >> well, first of all, the results are a considerable endorsement for the army-backed transition. they reached the kind of turnout they were hoping for. this was the crucial indicator at 38.6% of the 53 million or so eligible voters. that giving the army the vote of confidence. and now that the referendum has passed, a new draft of it within 30 to 60 days, parliamentary or presidential elections should take place. so it's going to be a pretty fast transition here over the next few months. now, we have yet to here the formal announcement. and on the back of that it will be interesting to see whether the army chief is going to show interest in running for the presidency himself. it is rumored that if he were to do that, he would have to resign at his current post as the head of the army. the international reactions have been positive towards this election or the referendum from the european unions. katherine ashton did say she regretted the violence that took place over the last two day