Investor sentiment worsened due to the decline of high-tech stocks and the strengthening of the yen in the US market.

This week, the emerging markets suffered a significant decline. The growth market index fell by 4.50%, and the growth market 250 index fell by 4.86%, while the Nikkei average fell by 5.98%. Like the Prime market, investor sentiment worsened due to the decline of high-tech stocks and the strengthening of the yen in the US market. As a result, selling pressure increased, mainly focused on biotech stocks, which had sharply risen. Timmy <215A>, which was listed on the growth market over the weekend, rose by 27.6% above the offering price to 1,850 yen, but it remained close to the initial ceiling and left a negative line, increasing caution for the first day of listing.

Among the top market cap stocks, ispace <9348> hit a new low since listing despite rebounding at the end of the week. Tritt <9164> also remained in a stalemate at its lowest level since listing. Meanwhile, Adventure <6030> was bought up because of the consciousness of the strong yen, reaching its level in January. Shares of GENDA <9166>, which had been sold after announcing a public offering, remained strong. In other stocks, Cellseed <7776> hit the limit up at the end of the week, but its price fell by a third from the high this year on July 18. On the other hand, AIAI Group <6557>, which was viewed as a material because of its stock splits and shareholder benefits system introduction, surged. Modaris <4883> became predominantly buying because of the announcement of MDL-101 at the bioprocess summit.

It depends on the timing of Timmy's debut whether investor sentiment improves. Three IPOs are scheduled.

As for next week's emerging markets, we hope for a rebound after the sharp fall, but it depends on the timing of Timmy's debut whether investor sentiment improves. Although the opening price was above the public offering price, it closed near the lowest level, which caused anxiety. It is noteworthy whether the investment rating 'buy' by a major US securities company and coverage that began with a target stock price of 2,200 yen will be taken into account, as the company accounted for one-third of the trading value of the weekend growth market, with great influence.

Furthermore, the growth market 250 index fell below the 75-day moving average after falling below the 200-day moving average. If the downward 75-day moving average is considered as resistance, the downside trend will continue, so we need to exceed it as soon as possible.

Bio stocks will continue to be the focus of attention. Although Cellseed moved violently and hit the limit up at the weekend, Sanbio <4592>, which had material, rose sharply, and Shinbio Pharmaceuticals <4582> also reacted, indicating a good circulating stock market in the bio sector. The market capitalization of major stocks is becoming polarized. While funds are being poured into promising stocks such as GENDA, ispace is not attracting much investment despite having material. QPS Research Institute <5595> remains predominantly selling, so it seems that the space-related stocks will continue to lack momentum.

Next week, Liberaware <218A>, which develops drones and other technologies, will be listed on the growth market on July 29. Heartseed <219A>, which is engaged in research and development of regenerative medical products, will be listed on the growth market, and Faber Company <220A>, which provides marketing support, will be listed on the standard market on July 31. Heartseed's listing could be a boost for the biotech-related stocks.