Shares in upmarket clothing firm Burberry have made a jittery stock market debut, edging lower despite being released at a less-than-premium price.

The shares were launched at 230p - at the bottom of the 230-290p price range hoped for by Burberry's owner, the retail giant GUS.

But, after rising to 235p in the opening minutes of trading, the shares had fallen back to 225 by the time the market closed.

And GUS saw its own stock fall 4.1% in sympathy.

'Good response'

The decision to press ahead with the flotation of 146-year-old Burberry came despite stock market turbulence which saw London shares close at their lowest level for five years.

A Burberry spokesman defended the move and when the market opened, he said he was pleased to see the shares trading close to their issue price.

"That we were able to price the shares within the original range in the face of such difficult market conditions reflects the good response we've had from investors," he added.

Shelved

Some other firms, such as directory company Yell, Irish snacks firm Cantrell & Cochrane and DIY chain Focus Wickes, have shelved flotation plans in the face of market turmoil.

Brewer SABMiller on Thursday ditched a cash-raising share issue a day after it was announced.

Analysts said the fact that Burberry was being only partially floated by its owner gave them confidence.

GUS retains 77.5% of the fashion firm.