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Egyptian Stocks: Baraka, EFG, Faisal, Orascom Development, Remco

Egypt’s benchmark EGX 30 Index dropped for the fourth time in five days, declining 0.8 percent to 5,402.15 at the 2:30 p.m. close in Cairo.

The following shares rose or fell in Cairo. Symbols are in parentheses.

EFG-Hermes Holding SAE (HRHO EY) declined 2.4 percent to 20.56 Egyptian pounds, the lowest level in almost two weeks. Egypt’s biggest publicly traded investment bank bought back 391,000 shares. EFG-Hermes had planned to buy back as many as 5 million shares in a program that ended June 2.

Faisal Islamic Bank of Egypt (FAIT EY) surged 4.1 percent, the most in more than two months, to 20.62 pounds. The country’s oldest Sharia-compliant lender said its first-quarter profit rose 73 percent to 53.4 million pounds ($9 million) from the year-ago period.

Separately, Egypt’s financial markets regulator agreed in principle on a law allowing for the sale and trade of Islamic bonds in the North African country. Al Baraka Bank Egypt ESC (SAUD EY), an Islamic bank, rose 1.4 percent, the most in more than a week, to 11.83 pounds.

Orascom Development Holding AG (ODHN EY) lost 2.9 percent, the most since April 19, to 11.19 pounds. The Altdorf, Switzerland-based resorts developer said first-quarter profit fell to 601,188 Swiss francs ($721,000) from 26.5 million francs in the year-earlier period.

Remco for Touristic Villages Construction (RTVC EY) advanced for the first time in three days, gaining 1.6 percent to 3.09 pounds. The resorts developer is in talks to sell three hotels in Hurgada and Sharm El Sheikh with a likely value of 1.55 billion pounds ($261 million), Al Mal reported, citing Vice Chairman Onsi Youssef.

Youssef was not available for comment when contacted at his office in Cairo.

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