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Wednesday, 17th December 2008
In Business In Japan,

Social networking site share soar on debut

The price of shares in the operator of a Japanese social networking site have soared as they made their debut on Tokyo's stock exchange.

Shares in Gree, which competes with the likes of DeNA and Mixi, went up by 45 per cent, achieving Japan's second biggest debut jump this year following the Seven Bank's public offering in February.

Katsumi Udagawa, a securities analyst at Ichiyoshi Securities, wondered why Gree did not make its debut in 2006, along with Mixi.

"Gree has more growth potential than Mixi," he said, adding: "This looks like it may act as a spark for the IPO and small-cap markets toward the year-end."

Gree issued 1.2 million news shares and sold nearly three million existing shares, reports the Guardian.

In other share news, defensive stocks, including those in pharmaceutical companies, gained as investors looked for resilient options during the economic downturn.