Egypt's stock market regulator has penalised two brokerages for manipulating shares of Egyptian investment bank Pioneers Holding.

Pioneers Securities and Prizma Securities, both subsidiaries of Pioneers Holding, had violated trading rules and manipulated shares of their holding company, sources said.

The regulator banned Pioneers Securities from trading shares of Pioneers Holding for three months starting on October 7, said the report in our sister publication, the Gulf Daily News.

It banned Prizma Securities from trading any shares in Egypt for a month and from trading Pioneers Holding for three months beginning on the same date.