NEW World Infrastructure made a solid debut on the stock exchange yesterday, even though it could hardly have chosen a worse day to start trading. New World closed at $13, a rise of 1.9 per cent above the issue price of $12.75. Turnover was respectable at $248.54 million, the second highest in the market. Most other stocks fell, with the Hang Seng Index rocked by the retreat on Wall Street overnight. The index lost 93.73 points to 9,680.75, but New World shares held out against the retreat. Analysts estimates for the first day closing price had ranged between $13 and $13.20. Lennon Chan, director of the Tai Fook Group, said: 'New World Infrastructure might not have been in a good time to launch, but it still maintained a level above the water.' Tai Fook was one of the underwriters of the launch. New World Infrastructure was spun-off by New World Development to develop, own and operate its toll roads, expressways, tunnels and bridges, power stations and port projects. There were 162 million shares sold, raising $2.06 billion and the public offering in Hong Kong was oversubscribed 19.6 times. New World Development retains 68.6 per cent of New World Infrastructure. At the opening the shares were trading at $12.90. They fell to the day's low of $12.85 mid-morning, but recovered to close for lunch at the day's high of $13. They continued to vary between $13 and $12.95 through to the close.