STYLO A BILLE

A ball-point pen has an elongate telescopic body which includes a front holder portion and a rear holder portion fitted on the front holder portion to be movable between a compressed position and a stretched position. A ball-point pen refill is disposed in the front holder portion and has a refill tip protruding from one end of the front holder portion. A concealing sleeve is disposed in one end of the front holder portion to be slidable along the ball-point pen refill. When the rear holder portion is moved to the compressed position, the sleeve is moved to conceal the refill tip, and when the rear holder portion is moved to the stretched position, the sleeve is moved to expose the refill tip. When the rear holder portion is moved to the compressed position, the rear holder portion is held in the position by a holding mechanism.