Oct. 24 (Bloomberg) -- A lone sell order momentarily sent Mitsubishi Heavy Industries Ltd. down 21 percent on a regional exchange where the company’s shares hadn’t traded in two years.
An order to sell 1,000 shares of the machinery maker was placed today on the Fukuoka Stock Exchange, according to Junichi Akimoto, a director at the bourse, Japan’s fourth largest in a city 900 kilometers (560 miles) southwest of the capital. With no buyers, the stock price plunged until someone took the shares at 253 yen, 21 percent below the quoted price in Tokyo at the time, Akimoto said. Mitsubishi Heavy hadn’t been traded in Fukuoka since November 2009, he said.
“This is a very rare case,” said Katsuyasu Monma, a manager in the investment information department at Mito Securities Co. in Tokyo, who said that the law requires brokers to execute orders on exchanges with enough volume to ensure a good price. “There’s a possibility that the client specifically asked for the trade to be made in Fukuoka.”
Mitsubishi Heavy, which trades on five Japanese exchanges, rose 1.6 percent today to close at 322 yen in Tokyo, where 11.35 million shares of the stock were traded. The benchmark Nikkei 225 Stock Average gained 1.9 percent.
--With assistance from Kana Nishizawa in Hong Kong and Jason Clenfield in Tokyo. Editors: Jason Clenfield, Nick Gentle.
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