Shares in Japan Petroleum Exploration Co. drew firm demand Wednesday on its debut on the Tokyo Stock Exchange's first section.
JAPEX, a subsidiary of the government-run Japan National Oil Corp., was the second-most traded issue by value on the TSE's main section. It ended at the day at 4,000 yen after opening at 3,540 yen. The initial public offering price was 3,500 yen.
The stock rose by its daily allowable limit of 500 yen to 4,040 yen at one point in the afternoon.
"Investors probably snatched up the stock because there's no selling pressure on it on the day of its listing," a broker at a major brokerage said.
JAPEX's inclusion next month on the Topix index of all first section issues was also a likely factor, brokers said.