The Tokyo Stock Exchange (TSE) has some interesting rules for for suspending trading of a stock and setting an upper limit at which the stock may be traded, and I read about them only today:
Tokyo Bourse: May Widen Olympus Share Trading Upper Limit
2:50a ET November 15, 2011 (Dow Jones)
Tokyo Bourse: May Widen Olympus Share Trading Upper Limit
TOKYO (Dow Jones)--The Tokyo Stock Exchange said Tuesday it may widen the daily upper limit for trading in shares of Olympus Corp. (7733.TO) later this week due to imbalanced demand and supply conditions for the issue.
Shares in Olympus soared Tuesday, marking the second-straight day of
strong gains as investors grew more confident that the scandal-hit
company may yet escape delisting.
While shares did not change
hands due to buy orders outweighing sell instructions by close to 10 to
one, by mid-afternoon Olympus shares in were quoted 19% higher than
Monday's close at Y640, their maximum permissible high for the day under
Tokyo rules.
The bourse said it may double the upper limit for
daily trading in Olympus shares if the following conditions are met on
Wednesday:
-- The issue's daily upper price limit is reached and trading volume is zero without
conducting allocation at the upper limit.
-- Trading volume remains at zero shares until the end of the afternoon session,
trades are executed at the upper daily price limit at the close of the afternoon
session with bids remaining at the upper daily price limit.
A spokeswoman at the bourse said the daily upper price limit for
Olympus shares on Wednesday will be Y740. If a wider upper limit is
introduced, the daily upper limit on Thursday will be Y1,040.>
-By Hiroyuki Kachi, Dow Jones Newswires; 813-6269-2789; Hiroyuki.Kachi@dowjones.com
(END) Dow Jones Newswires
11-15-11 0250ET
Source: Dow Jones Newswires – 2011-11-15 0250ET
Now I know why there was no volume on the shares of Olympus Corp (TYO:7733) in Tokyo today and on some other recent days and why the price jumped up from one day to the next.
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