Cairo – Mubasher: Egypt’s stock market rose in Sunday’s early trading, pulled higher by Emaar Misr for Development that debuted today.

The benchmark index EGX30 rose 0.90% to reach 8389.8 points, while the small and mid-cap index EGX70 gained 0.37% to 443.9 points and the broader index EGX100 advanced 0.37% to 940 points.

Emaar Misr soared 5.3% to EGP 4 on debut, after 41 million shares were exchanged in 2913 transactions at a turnover exceeding EGP 164 million.

Earlier today, market analysts expected Emaar stock to test the EGP 4.6-5 levels during its first day of trading.

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.

The market turnover amounted to EGP 223 million, upon trading 72.3 million shares. Market capitalisation reached EGP 501 billion.