Tokyo, Sept. 19 (Jiji Press)–Asahi Glass Co. shares met with selling on the Tokyo Stock Exchange Friday morning on a rumor that a defect has been found in the company’s production line for glasssubstrates for liquid crystal displays.

At its worst, the stock slumped to 753 yen, down 51 yen from Thursday. Asahi Glass has denied the rumor.

On the other hand, shares of Nippon Electric Glass Co. , which also manufactures LCD glass substrates, fetched a bid price of 1,845 yen, up by its daily limit of 300 yen.

Nippon Electric Glass was apparently bought on speculation that the company would benefit from any impaired production at rival Asahi Glass.

Hedge fund managers’ speculative moves might be behind the buying, an official of a midsize brokerage firm said.

Tokyo, Sept. 19 (Jiji Press)–Asahi Glass Co. shares met with selling on the Tokyo Stock Exchange Friday morning on a rumor that a defect has been found in the company’s production line for glasssubstrates for liquid crystal displays.

At its worst, the stock slumped to 753 yen, down 51 yen from Thursday. Asahi Glass has denied the rumor.

On the other hand, shares of Nippon Electric Glass Co. , which also manufactures LCD glass substrates, fetched a bid price of 1,845 yen, up by its daily limit of 300 yen.

Nippon Electric Glass was apparently bought on speculation that the company would benefit from any impaired production at rival Asahi Glass.

Hedge fund managers’ speculative moves might be behind the buying, an official of a midsize brokerage firm said.