■Emerging markets with many domestic stocks are relatively solid

Emerging markets are up this week. As for the gain/fall rate for the same period, the strength of emerging markets was conspicuous, with the Nikkei Average being -0.93%, while the growth market index was +1.71% and the growth market 250 index was +1.42%. Concerns about the negative impact of the next Trump administration weighed on the prime market, but emerging markets with many domestic demand stocks have become relatively solid. In response to NVIDIA's financial results, which attracted attention, and trends in overtime transactions, the prime market continued to be difficult to handle, but in emerging markets, it remained steady, centered around high-capitalization stocks. It seems that intermittent searching has spread to emerging stocks where there are many domestic demand stocks that are less likely to be influenced by the external environment and have a sense of delay.

Among the top stocks by market capitalization, trial HD ＜141A＞, cover ＜5253＞, etc. showed a steady trend, and there was also a scene where GMO Financial Gate ＜4051＞, which announced stock buybacks, skyrocketed. Also, Timey ＜215A＞, which had taken a backseat due to measures against “dark part-time jobs” and continued to update low prices since listing, announced business alliances with multiple companies and rebelled. Meanwhile, free ＜4478＞ was weak, and in addition to leaving a dark line for 7 consecutive days, there were no ISPACE ＜9348＞, GNI Group ＜2160＞, and Wealth Navi ＜7342＞.

■Is the main position with a large market capitalization the main axis

As for the emerging markets next week, the prime market will continue to be difficult to handle, so it seems that intermittent searches will continue. The growth market 250 index continues to rebound from the most recent low on 10/25, and it is rising above the 25th moving average (25MA). Since the 200-day moving average (200MA), which is perceived as an upper price resistance line, is located at the 660 pt level, it can also be thought that there is room for an increase of about 4-5%. Since the rise has stopped at this level many times since July, it is difficult to expect it to exceed the 200-day moving average, but it is easy to be aware of it as an immediate target.

Although it is an intermittent bridge, since trading prices have constantly exceeded 100 billion yen, it seems that the main focus will be the main focus, such as trial HD and covers, which have remained steady this week. There is a possibility that interest will turn to GENDA (9166), which announced the succession of some businesses due to the company split over the weekend, and it seems that the rebound trend will intensify when Timey, which is testing a return from the low price range, clears the return high price of 1294 yen on 10/29.

Next week, since Cuckleb Advisors (276A), which handles the provision of solutions related to corporate real estate utilizing AI, etc. on the 28th, and Globing (277A), which handles consulting business, will each be listed on the growth market on the 29th, so initial price formation will attract attention. Furthermore, the listing of KIOXIA HD (285A), a major semiconductor memory company, was decided on December 18. The estimated total market value is 700 billion yen, and it will be a large-scale IPO similar to Tokyo Metro ＜9023＞, which was listed in October. While there is a sense of caution about supply and demand, if initial value formation for KIOXIA HD goes well, it will be a stimulus material for semiconductor-related matters, etc.