Mitsubishi Motors Shares Untraded in Japan Due To Sell Orders


Investors in Tokyo are waiting in line to sell off more shares of Japanese automaker Mitsubishi Motors. Two hours into the trading day,

Mitsubishi Motors

Mitsubishi Motors shares were not able to trade as there were about 10 times as many sell orders as there were bids.

According to the Tokyo Stock Exchange, the latest share price was indicated at 583 yen ($5.34; £3.74) a share.

That is a 20% plunge from the previous day close of 733 yen. Shares tanked by more than 15% on Wednesday.

That was as news emerged that Mitsubishi Motors had admitted falsifying fuel economy data for more than 600,000 vehicles sold in Japan.

In the broader Japanese market, the benchmark Nikkei 225 index was up by 2.06% – or 346.53 points – to 17,253.23.

Here are the trading updates from around Asia:

In China the benchmark Shanghai composite index was lower by 0.35% at 2,963.06

Hong Kong’s Hang Seng index rose 1.27% to 21,506.29

In South Korea the benchmark Kospi traded up 0.54% at 2,016.72

Over in Australia the S&P ASX 200 was up 0.8% to 5,257.41

US stocks closed higher overnight amid mixed earnings reports. Coca Cola reported a fall in quarterly profit. Yahoo revealed a $99m loss in the first quarter. And chipmaker Intel announced it was cutting 11% of its workforce.

At the end of the trading day:

The Dow Jones was up 42.67 at 18,096.27

The S&P 500 added 1.60 points to 2,102.40

The tech-heavy Nasdaq index rose 3.35 points to 4,540.44

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