Shares of Sky Perfect Communications Inc., which debuted Monday on the main section of the Tokyo Stock Exchange, ended the day lower than the last day of trading on the Mothers market for startup companies, apparently on profit-taking.
The stock ended the session at 156,000 yen, down 4,000 yen from the stock’s close on its final trading day Friday on Mothers. Sky Perfect operates the digital satellite TV channel Sky PerfecTV.
The stock hit an intraday high of 161,000 yen at the outset of Monday’s session on the TSE before falling to an intraday low of 154,000 yen early in the afternoon.
“Investors began to lock in recent gains from rapid rises due to buying fueled by the stock’s inclusion in the Topix index,” said Hiroichi Nishi, equities general manager at Nikko Cordial Securities Inc.
The stock was included in the Topix index Monday in line with the change of its listing.
The stock rose for 10 straight trading days beginning March 8, gaining 32,000 yen, or 20 percent, to finish at 160,000 yen on Friday.
Tsuyoshi Segawa, equity strategist at Shinko Securities Co., said, “It would be inevitable for the stock to face selling pressure for some time in reaction to the (recent) rise, pulling the stock down to say around 130,000 yen.”
Sky Perfect had been listed on the Mothers stock market since October 2000.