Egyptian Stocks: EFG-Hermes Holding, Pioneers and Naeem

Egypt’s benchmark EGX 30 Index (EGX30) retreated 2.3 percent to 4,502.91 at the 2:30 p.m. close in Cairo, the lowest level in more than four months.

The following shares were active on the Egyptian Exchange. Stock symbols follow company names.

EFG-Hermes Holding SAE (HRHO) dropped 1.8 percent, the most in more than a week, to 10.68 Egyptian pounds. The largest publicly traded Arab investment bank had a first-quarter profit of 35 million Egyptian pounds ($5.8 million) compared with 37 million pounds a year earlier.

Pioneers Holding (PIOH) , the investment bank, fell to the lowest level in in more than six weeks, losing 5.1 percent to 3.52 pounds. Egypt approved a law banning brokerages based in the country from dealing in foreign securities, allowing them only to deal in Egyptian securities and global depository receipts of companies listed in Egypt. Brokerages have six months to comply with the decision.

Naeem Holding (NAHO) decreased 4 percent, the most in more than a week, to 24 cents.

To contact the reporter on this story: Ahmed A Namatalla in Cairo at anamatalla@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net