JAL shares rise after hitting all-time low | business | Hindustan Times
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JAL shares rise after hitting all-time low

business Updated: Jan 15, 2010 16:24 IST
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Shares of cash-strapped Japan Airlines ended at 0.08 USD (8 yen), up 0.01 USD (1 yen) or about 14 per cent, amid heavy speculative trading on continued concerns about an imminent delisting of the stock from the Tokyo Stock Exchange.

It became the day's volume leader with 1.04 billion shares changing hands during the day, a record high for a single stock, accounting for about one-third of the overall trading volume on the main section of around 3.2 billion shares.

Shortly after trading began, the market dragged JAL to an intraday low of 0.7 USD (6 yen). If the nation's top carrier is delisted its shares would become worthless.

The stock later gained upward momentum, rising to as high as 0.11 USD (10 yen) thanks to speculators aiming to secure quick profits, brokers said.

"Trading of JAL stock has become entirely a money game, with none of the investors trading based on any specific premise," said Tsuyoshi Segawa, equity strategist of Mizuho Securities Co.

If the stock ended at 6 yen, it would have marked a record closing low after JAL plunged more than 81 per cent Wednesday to 7 yen, the lowest level since the airline integrated operations with Japan Air System in 2002.