Cairo – Mubasher: The Egyptian Exchange will likely move higher this week, powered by start of trading on Emaar Misr shares, coupled with expected uptrend during July, according to technical analysts.

Mohamed Gaballah, head of trading at Tawfik Securities Brokerage, said the benchmark index EGX30 will likely target the 8600 level, upon maintaining its position at 8250 points and amid sufficient liquidity.

The real estate sector is projected to witness strong cash inflows upon Emaar Misr debut, said the analyst, expecting the stock to target the EGP 4.5-5 levels.

Walead Hilal, head of portfolios at Alexandria Securities, said the local bourse usually sees an upward movement in July after institutions and funds close their financial statements.

He expects the market to perform positively this week, noting that the benchmark will target 8350 then 8500 levels.