Major convenience store operator Lawson Inc. made a poor debut on the Tokyo Stock Exchange on Wednesday, ending the day's trading at 5,520 yen, sharply down from its initial public offering price of 7,200 yen but in line with the recent downward trend on the Tokyo stock market.
No trading was conducted in Lawson shares in the morning session because sell orders by far surpassed buy orders. Shortly after the start of the afternoon session, it first traded at 6,000 yen but lost ground toward the close.
"The retail sector has remained weak in the aftermath of the collapse of Sogo Co. and uncertainty over earnings of convenience stores is growing now," said Muneyuki Ichihara, investment information manager at Nomura Securities Co.