Discount cosmetics retailer Sa Sa International's stock rose 53 per cent on its debut yesterday - but brokers said the shares could have done even better. The stock closed at $3.65 compared with the issue price of $2.38. It was the day's second-most active counter by volume and value, as 246 million shares worth $822 million changed hands. Sa Sa would have performed more strongly had it not been for the pall cast on the market by Thursday's 497-point market plunge, brokers said. Dharmala Securities research director Ben Kwong Man-bun said its performance had tracked the wider market's roller-coaster path. 'The performance was weak in the morning, following the market, but it started to pick up . . . when the market improved in the afternoon. But with a rise of 53 per cent, it was a fair performance,' Mr Kwong said. Sassoon Securities dealing director Michael Ng said the shares had opened relatively low. 'It was 500 times subscribed, if you consider the market price and interest, it could have opened at $3.60 or $3.70,' he said. The shares opened at $3. The company raised $780 million by selling 328 million shares. Sa Sa chairman Simon Kwok Siu-ming said he was pleased with the stock's performance. When asked if he worried about the negative sentiment after Thursday's market plunge he said: 'I am not familiar with the stock market, we are only a listed company, I can't answer.' The company has 11 discount cosmetics stores in Hong Kong and agreements to distribute products to nine mainland cities. It has a store in Taiwan and plans to expand regionally.