Singapore Exchange unaware of reason for 'unusual' trading in own shares

[SINGAPORE] Singapore Exchange Ltd had to take the rare step on Tuesday of issuing an announcement about unusual trading activity in its own shares.

The bourse noted that more than 8 million of its shares had changed hands during the day, more than four times the 200-day daily average of 1.5 million. Its share price climbed 3.4 per cent to close at S$7.60, its highest since August 2013.

"The company is not aware of any information not previously announced concerning the company, its subsidiaries or associated companies which, if known, might explain the unusual trading activity," it said in a statement.

The exchange's equity business is under pressure due to falling volumes and technical problems.

Last Wednesday a software error led to the exchange delaying the start of stock trading by three and a half hours, prompting criticism from the Monetary Authority of Singapore.

REUTERS