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Maruishi Holdings stock heavily traded on TSE 2nd Section.

TOKYO, June 8 Kyodo

Investors seeking quick profits traded heavily in Maruishi Holdings stock Tuesday, when it was listed on the Second Section of the Tokyo Stock Exchange and immediately moved to the monitoring post due to a financial scandal.

Trading volume for the stock hit 216.71 million shares, comprising about three quarters of the day's total trading volume of 289.71 million for the Second Section.

The stock drew active trading due to ''investors who traded in the stock to make quick profits by repeatedly placing buying and selling orders,'' said a broker at a major brokerage house.

After hitting an initial quote of 11 yen, Maruishi Holdings stock briefly fell to 8 yen before closing at 10 yen, considerably lower than the final quote of 18 yen for the stock of its subsidiary Maruishi Cycle Industries, which was delisted from the Second Section on May 26.

The selling was due to the arrest last week of a former Maruishi Cycle president on suspicion of arranging a fictitious capital increase in the struggling Tokyo-based bicycle maker, brokers said.
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Publication:Japan Weekly Monitor
Date:Jun 14, 2004
Words:180
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