Massive trade of New Silkroutes probably an error: traders
UPDATE: SGX declares 91 trades of 52.3m New Silkroutes shares as errors
ABOUT 51 million shares of New Silkroutes Group are believed to have been mistakenly matched at their pre-consolidation price of 1.5 Singapore cents at about 8.58am on Wednesday, market sources told The Business Times.
New Silkroutes, an energy, healthcare and technology company, began trading on Wednesday on a post-consolidated basis, after the company consolidated every 500 shares into one. The stock was trading at 52 Singapore cents as at 11.25am on Wednesday with 53.6 million shares having changed hands.
Traders said the massive trade was probably an error.
"Some people don't know how to calculate the new share price after consolidation," one trader said.
Asked about the matter, the Singapore Exchange said it was looking into it.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
TikTok suspends new app’s reward programme amid EU concerns
Hong Kong spot crypto ETFs to start trading next week
Cordlife substantial shareholder Nanjing Xinjiekou still mulling over offer to buy over remaining shares
Nvidia agrees to acquire Israeli AI software provider Run:ai
HSBC says growing Chinese wealth fuels client investments in US
Unilever's India quarterly profit disappoints