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Stocks

Trading of Toshiba stock balloons after capital increase

Passive traders grab shares after MSCI modifies index formula

TOKYO -- Turnover in Toshiba nearly tripled Thursday after the company's private placement of new shares spurred U.S. index compiler MSCI to more heavily weight the stock.

The Japanese conglomerate said Tuesday that it had carried out the 600 billion yen ($5.32 billion) transaction. On Thursday, Toshiba shares were provisionally given more weight in MSCI indexes to reflect the capital infusion.

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