It is difficult to grasp the directional sense of the index in thin trading.

Emerging markets fell this week. During the same period, while the Nikkei average rose by +2.51%, the Growth Market Index fell by -1.50%, and the Growth Market 250 Index fell by -1.39%, highlighting the weakness of the growth market. Similar to the main board market, there was buying based on the rise in US stocks at the beginning of the week, but with the yen depreciation and the stronger dollar, large-cap stocks were favored, leading to a heavy upside development after the buying spree. Trading volume remained around 100 billion yen, with limited participation. Both the Growth Market Index and the Growth Market 250 Index failed to exceed the highs set on the 7th, leading to a sluggish development towards the end of the week.

Among the top market capitalization stocks, GENDA <9166>, which hit a new all-time high on the 2nd, faced selling pressure from the 3rd onwards and fell for the fourth day this week. The yen depreciation and stronger dollar weighed on stocks, with even Advencher <6030> struggling. On the other hand, while no significant buying factors were observed, the rise of Free <4478> stood out, and Timey <215A> hit a new low on the 8th but showed resilience in the decline. In addition, Global Way <3936> surged daily, but profit-taking sales led to a sharp drop over the weekend in a volatile price movement. Kei Uno <259A>, which was listed on the Mothers market on the 8th, opened at 2134 yen, 8.0% below the offering price. On the other hand, Olts <260A>, listed on the Growth Market on the 11th, opened at 570 yen, 5.6% above the offering price. Olts faced increased selling pressure after the initial pricing but managed to recover by the closing, ending the trading above the initial price.

Are the main stocks experiencing mixed highs and lows?

Next week in the emerging markets, trading is expected to remain sluggish, lacking directional momentum. Although the Growth Market 250 Index rose up to the 200-day moving average line on September 27, it was reversed due to the 'high market trade' effect. After being pushed back to this level for the third time on July 18 and September 3, this level is strongly perceived as an upside resistance. Moreover, it is also being suppressed by the declining 25-day moving average line, indicating a weak trend in the short term. In thin trading where trading volume falls below 100 billion yen, it is difficult to grasp the directional sense of the index.

Individually, stable funds may not be expected, and main stocks are likely to continue experiencing mixed highs and lows. Short-term funds may focus on recent IPO stocks. Stocks like Olts, newly listed on the 11th, Dive <151A> rebounding from the low range, and D&M Company <189A> showing movement towards the end of the week are likely to attract interest.

Next week, Nisuicon <261A>, which handles water-related construction consulting business focusing on water in the Standard market on the 16th, and Intermestic <262A>, which handles eyewear-related business entering the main board market on the 18th. Intermestic will be the first main board listing this year. Expectations for the initial price, like stocks listed in the growth market, may be low, but with buying demand from passive funds as a factor, one would hope for a stronger stock price performance.