LONDON, May 24 (AFP) - Shares in Anglo American, the South African mining giant, fell slightly on profit-taking on the first day's trade on the London market on Monday, market watchers said. Anglo American stock closed at 3,189 pence, 77 pence below the closing price seen in Johannesburg on Friday of 325 rand, or 3,266 pence. The stock rose to a high point of 3,340 pence in early trading, before dipping to a first-day low of 3,140 pence and then recovering some of the lost ground before the close. The company and its stock brokers welcomed the day's performance, in the light of an announcement early in the session that Anglo American plans to issue up to 12.6 million more shares to meet demand from institutional investors. "The market has taken it pretty well," Anglo spokesman Nick von Schirnding said of the London debut. He brushed aside the early losses in the stock as mere profit-taking after the surge in value seen prior to flotation on the London market. "It has had an increadible run up and no doubt there will be some profit-taking at these levels," he said. The company's stock broker, Warburg Dillon Read, said that "the stock has remained firm during the day, particularly in the light of the placing." Independent brokers also remained upbeat on the stock in spite of the early downturn. The US investment bank JP Morgan said that the stock was a "market performer". An analyst, Nigel Kieser, said that "the good news is already in the price". He added a note of caution, saying: "We believe profit-taking by South African shareholders could also put Anglo American PLC shares at risk." Anglo American was formed from the merger of Anglo American and its offshore arm, Minorco. It decided to make its primary market listing here, but to retain listings on the Johannesburg and Swiss stock exchanges. The London listing is the third here by a South African company after Billiton and South African Breweries. Because of Anglo's high-return assets, which include more than 50 percent of Anglogold, 50 percent of the biggest platinum producer, Amplats, and a significant stake in De Beers, the biggest diamond producer, analysts predict that the stock will burst into the FT-SE 100 index of leading shares soon.  