SoftBank shares untraded with glut of buy orders

SoftBank Group Corp shares were untraded with a glut of buy orders early on Thursday, a day after Chief Executive Masayoshi Son unveiled a $5.5 billion share buyback to prop up its share price, which he sees as undervalued.

SoftBank said on Wednesday it would purchase up to 600 billion yen ($5.46 billion) of stock in its largest ever buyback, funded by the proceeds of its domestic telco`s December IPO.

It also announced a 60 percent jump in third-quarter operating profit, lifted by rising valuations of its growing technology investments.

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The benchmark Nikkei 225 index was flat in early trading.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)