Large cap stocks on the main board were bought, leading to a sell-heavy market.

This week, the emerging markets fell. During the same period, while the Nikkei average increased by +2.31%, the growth market index decreased by -1.59%, and the growth market 250 index decreased by -1.05%, highlighting the weakness in emerging markets. Due to foreign investor buying expectations related to the management plan of the Government Pension Investment Fund (GPIF) starting next fiscal year, large cap stocks on the main board were bought, while the growth market, which had been rising due to interim buying, faced a sell-dominant scenario. The growth market 250 index, which fell below the 75-day moving average (75MA), dropped to the level of the 25-day moving average (25MA) by the weekend.

Among the stocks with the highest market capitalization, QPS Research <5595>, which continued its sell-off after a sharp rise at the end of November, has fallen to levels not seen since September, while Astroscale HD <186A> also weakened, making the decline in space-related stocks particularly noticeable. On the other hand, following the TOB implementation by Mitsubishi UFJ <8306>, WealthNavi <7342> was pegged to the TOB price of 1,950 yen. Buysell Tech <7685> was bought based on a positive report from a brokerage firm. The initial price of TMH <280A>, which listed on the growth market and Fukuoka Q board on the 4th, was 2,128 yen, which is 41.9% higher than the public offering price.

It may be difficult for attention to turn towards the emerging markets.

Next week, since the special settlement prices for futures and single options for December will be calculated at the weekend, the market will be centered on the main board, making it hard for interest to shift towards the emerging markets, and trading volumes are likely to decrease. Trading value has been decreasing toward the weekend and is expected to remain around 100 billion yen. After the special settlement passes, as many overseas investors will enter Christmas holidays, the market is expected to focus primarily on individual investors, which may lead to some investment funds flowing into the emerging markets, but next week is likely to be a matter of patience.

Due to the lack of trading volume, the focus is likely to be limited to stocks that were filtered through this week or those with interesting materials. Buysell Tech, which is approaching its year-to-date high, may see buying demand based on supply and demand factors if it updates its highs. It was also a positive factor that the company was highlighted as receiving inflows from overseas money over the weekend. In the same article, GENDA <9166>, Finatext HD <4419>, Sharing Technology <3989>, AnyMind <5027>, Stella Pharma <4888>, and CellSeed <7776> were also mentioned, so attention should be paid to these stocks as well.

Next week, InfoMetis <281A>, which analyzes energy data using AI, will list on the growth market on the 9th; Yukaria <286A>, which provides management support for medical corporations, will list on the 12th; and Luxsas Technologies <288A>, which operates a subscription-based sharing business for brand bags, will list on the 13th. Although 18 companies were scheduled to list in December, the planned listing of Fintoday HD <289A> on the 17th was canceled, resulting in 17 listings.