OSAKA -- Trading on the Nasdaq Japan equity market for growth companies was sluggish in July due to nationwide concerns about the economy, especially the collapse of major department store Sogo Co., the Osaka Securities Exchange said Tuesday.
Turnover on Nasdaq Japan totaled 12.796 billion yen, roughly half the 28.095 billion yen value that was logged in June.
The over-the-counter stock market, hosted by the OSE and run by Nasdaq Japan Inc. -- a firm owned equally by Softbank Corp. and the U.S. National Association of Securities Dealers -- opened on June 19, giving it only 10 trading days in June.
Since the market has only just opened, "We cannot give a fair evaluation (as to why trading was sluggish)," an OSE official said.
"It may have been a different story if stock prices were rising," the official said.
Measured by number of shares traded, volume on Nasdaq Japan averaged 109,000 shares per day in July, down from 126,000 shares in June.
In July, the market's trading volume totaled 2.18 million shares, compared with 1.26 million shares in June.
The OSE said its aggregate monthly volume, including the first and second sections, Nasdaq Japan and the New Market for growth companies, fell 2.3 percent from a year earlier to roughly 896.55 million shares.
Gigas Kansai approved
OSAKA (Jiji Press) The Osaka Securities Exchange has approved the listing of Gigas Kansai Corp. for trading on the Nasdaq Japan market beginning Aug. 10.
Founded in 1971, the Aichi-Prefecture based company is already listed on the second section of the Nagoya Stock Exchange.
It will not make a public offering of new shares or a secondary offering of outstanding shares before its Nasdaq Japan debut.
Gigas Kansai, a retailer of daily household necessities, will be the second company to be listed on both Nasdaq Japan and the NSE.