Cairo – Mubasher: Market analysts expect Emaar Misr for Development stock to test the EGP 4.6-5 levels during its first day of trading on the Egyptian Exchange (EGX) Sunday.

The stock will likely show a positive movement, backed by strong momentum seen during subscription to its retail and institutional tranches, analysts added.

Waleed Hilal, head of portfolios at Mokattam Alexandria Securities Brokerage, said the company’s institutional tranche was oversubscribed 11 times, while its retail tranches was oversubscribed 36 times, which signals stock strength.

The analyst added that the stock will likely see strong turnover from investors who did not join the share offering, expecting the stock to target EGP 5 on debut.

For his part, Mohamed Gaballah, head of trading at Tawfik Securities Brokerage, said Emaar stock will likely move strongly during its first day of trading.

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.

EGX announced Thursday that shares of Emaar Misr for Development will be listed starting Sunday, 5 July.

Emaar Misr is a leading developer of premium lifestyle communities in Egypt. It is a majority owned subsidiary of Emaar Properties PJSC, a publicly listed real estate company based in the UAE.