Emerging markets outlook: Growth market 250 index attempts to fill the gap, with one IPO for the first time in three weeks.

Fisco Japan · Aug 17 01:27

■時価総額が大きい主力処を中心に買戻しが入る

今週の新興市場は大幅上昇。同時期の騰落率は、日経平均が＋8.67％だったのに対して、グロース市場指数は＋8.19％、グロース市場250指数は＋8.43％。米国景気減速懸念の後退で米国市場や為替市場が落ち着きを取り戻したことなどから、プライム市場同様、グロース市場も戻りを試す展開となった。時価総額が大きい主力処を中心に買戻しが入り、東証グロース市場250指数は8月2日の寄付き水準まで回復した。

時価総額上位銘柄では、米インフラ投資会社が1株3600円でTOB実施と発表したことでJTOWER＜4485＞が2日連続ストップ高。ispace＜9348＞、インテグラル＜5842＞が反発強まり、急落前の8月1日の水準まで値を戻した。一方、決算が嫌気されてアドベンチャー＜6030＞が売り優勢となったほか、弁護士ドットコム＜6027＞、ジーエヌアイグループ＜2160＞も決算が嫌気されて売られた。時価総額上位銘柄以外では、フルッタフルッタ＜2586＞、ソレイジア・ファーマ＜4597＞、AppBank＜6177＞など株価2桁の低位株に短期資金が向かい大幅高となった。

■戻りを試す展開が続くか

来週の新興市場は、投資家心理の改善を受けて戻りを試す展開が続くと考える。急ピッチな上昇に対する利益確定は入りそうだが、もともと売られ過ぎ感が強かったこともあり下値は限定されよう。東証グロース市場250指数は、8月1日から2日にかけて空いたマド（609.71－620.68）が埋まればより反発基調が強まる可能性はある。低位銘柄物色が強まっていたことから売買高の割に売買代金は膨らんでいないが、決算を発表した主力銘柄を中心に売買が活発化しつつあることから売買代金の増加も期待できよう。値動き重視の売買から業績やテーマ重視の投資への変化が見られれば、腰の据わった投資資金も流入しそうだ。

個別銘柄では、値動きの軽さに着目した超低位銘柄物色がまだ続きそうだが、投資家心理の改善を受けてそろそろ一巡しそうな雰囲気だ。今週はAI CROSS＜4476＞が決算や株主優待制度を材料に買い優勢となったほか、FRONTEO＜2158＞も決算が材料視されたことから、AI関連銘柄に資金が向かう可能性はある。戻りが鈍いエッジテクノロジー＜4268＞、Kudan＜4425＞、ABEJA＜5574＞、Laboro.AI＜5586＞あたりの銘柄は関心を高めておきたい。バイオ関連物色も一服していることから、次の物色の柱としてAI関連を注目する。

なお、来週21日、ビジネスサポートを手掛けるオプロ＜228A＞がグロースへ上場する。グロース市場への上場は7月30日のHeartseed＜219A＞以来となることから、8月14日に上場来高値をつけたタイミー＜215A＞など直近IPO銘柄を含め関心が向かいやすいと考える。

Buybacks are being made mainly in major sectors with high market capitalization.

Emerging markets rose significantly this week. During the same period, the Nikkei Stock Average rose by +8.67%, while the Growth Market Index rose by +8.19% and the Growth Market 250 Index rose by +8.43%. Due to the retreat of concerns about the slowdown in the US economy, as well as the stabilization of the US and foreign exchange markets, the growth market, like the Prime market, has shown a trend of trying to rebound. Buybacks are being made in major sectors with high market capitalization, and the Tokyo Stock Exchange Growth Market 250 Index has recovered to its waterlevel on August 2nd.

In companies with high market capitalization, JTOWER <4485> hit a two-day limit high due to an American infrastructure investment company's announcement of a TOB at 3,600 yen per share. ispace <9348> and integral <5842> rebounded strongly, and Adventure <6030> was sold due to a dislike of its earnings. Lawyers.com <6027> and G-NI Group <2160> were also sold as earnings were disliked. Short-term funds have risen sharply on low-priced stocks with double-digit stock prices such as Fluttah Flutta <2586>, Solasia Pharma <4597>, and AppBank <6177>, except for the top market capitalization stocks.

Will the trend of trying to rebound continue?

We believe that next week's emerging markets will continue to try to rebound due to the improvement of investor sentiment. Profit-taking is likely to occur in response to the rapid rise, but the downside is likely to be limited, as it was originally strongly sold. If the gap (609.71-620.68) in the Tokyo Stock Exchange Growth Market 250 Index is filled from August 1st to 2nd, there is a possibility that the rebound trend will be stronger. Although the trading value has not expanded in proportion to the trading volume due to the strong search for low-priced stocks, it can be expected that the trading value will increase as the main stocks that announced earnings become more active. If a shift from trading based on price movements to investment based on performance and themes can be seen, investment funds with a firm footing are likely to flow in. As for individual stocks, the search for ultra-low-priced stocks with light price movements is likely to continue, but it seems that it will soon come to a close due to the improvement of investor sentiment. This week, AI CROSS <4476> became the top buyer based on earnings and shareholder benefits, and FRONTEO <2158> was also considered material for earnings, so there is a possibility that funds will go to AI-related stocks. Stocks such as Edge Technology <4268>, Kudan <4425>, ABEJA <5574>, and Laboro.AI <5586>, which are slow to rebound, should be of interest. As the bio-related search has come to a halt, attention should be focused on AI-related stocks as the next search pillar.

Note that on the 21st of next week, Opro <228A>, which handles business support, will be listed on the growth market. As the first listing on the growth market since Heartseed <219A> on July 30th, it is easy to attract attention, including recent IPO stocks, such as Taimi <215A> that reached a high on August 14th.

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more

新興市場見通し：グロース市場250指数はマド埋めを試す展開、IPOは3週間ぶりに1社

Emerging markets outlook: Growth market 250 index attempts to fill the gap, with one IPO for the first time in three weeks.

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