frisbing stocks back and forth will only increase volume but should'nt effect SP because equal amount of buying and selling.

every stock, every day has an equal amount of shares sold and bought, not sure what you mean. And frisbee shares can surely influence share price if it is purposely done at lower or higher price, depending on what the reason the person doing the frisbee trading has.

Case in point, all the 500 shares trading back and forth helped take the SP up to 65 cents and then down againin a matter of days.