Egyptian President Hosni Mubarak will step down Thursday evening, sources have told NBC News. Current vice-president Omar Suleiman will take over the presidency, sources also said.
Military forces in the country have begun to prepare for the transition, according to a report from Reuters. Meanwhile, Al-Arabiya televison said Mubarak was no longer in Cairo, but had traveled to Sharm el-Sheikh with his army chief of staff. The Market Vectors Egypt Index ETF (EGPT) is up 5.98% on the news.