More News
MARKETS | Staff Reporter, Singapore
view(s)

UOB temporarily loses $2b of market value

Despite suspicions of trading error, the SGX upheld the trade.

Bloomberg reports that SGX upheld the trades that briefly cleared over US$2b in market value of UOB, adding that the transactions didn’t breach any limits and that there were no requests for cancellation.

Shares in UOB fell by as much as 6.6% in early trading amidst thin volume, with four traders expressing suspicion that a trading error may have caused the decline. The stock rose 0.4% in the afternoon, adding to its yearly gain of about 4.6% during the day’s close.

“No request to cancel the trades was received and the trades were upheld,” Carolyn Lim, a spokeswoman at the exchange told Bloomberg, adding that trades involving 80,000 UOB shares were put through this morning between $24.00 and $25.69 during continuous trading.

The brief plunge in UOB’s shares brought back memories of haphazard spree of sell orders that caused a US$41b crash in shares of Jardine Matheson Holdings Ltd. earlier this year.

Here’s more from Bloomberg

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.