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Egypt Stocks: Pioneers Holding, Amer Group and Ajwa for Food

Sept. 12 (Bloomberg) -- Egypt’s benchmark EGX 30 Index dropped 1.8 percent to 4,613.51 at the 2:30 p.m. close in Cairo, the lowest level in more than three weeks.

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

Ajwa for Food Industries Co. (AJWA EY) retreated 2.4 percent, the most since Aug. 24, to 4.02 Egyptian pounds. The Cairo-based company said its first-half loss widened to 14.6 million pounds ($2.5 million) from 9.5 million pounds a year-earlier.

Amer Group (AMER EY), an Egyptian developer and operator of resorts and restaurants, fell 1.5 percent to 1.3 pounds, the lowest level in two weeks. Tourist arrivals in the quarter that ended in June dropped 35 percent from a year-earlier to 2.2 million, the state statistics agency CAPMAS said.

Pioneers Holding (PIOH EY) slid to the lowest level since July 12, tumbling 5.2 percent to 4.21 pounds. The Cairo-based investment bank plans to raise its stake in Upper Egypt Contracting Co. to 32.5 percent from 25 percent and its stake in Egyptian Electrical Cables to 25 percent from 10 percent.

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

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