Jardine’s $41bn share plunge not a ‘fat finger’ error, Singapore Exchange rules
About 167,500 shares in the Hong Kong-headquartered conglomerate traded at $10.99 versus Wednesday’s closing price of $66.47
Singapore — Jardine Matheson Holdings shares listed in Singapore traded down 83% on Thursday, wiping nearly $41bn off its market value, before rebounding in what the Singapore Exchange said was orderly trading and not a “fat finger” error. About 167,500 shares in the Hong Kong-headquartered conglomerate traded at $10.99 versus Wednesday’s closing price of $66.47, traders said. The trades were executed at a price that was transparent to the market and there had been enough time for participants to react, the Singapore Exchange concluded after reviewing the matter. It therefore found no basis to cancel the transactions. Sellers could have withdrawn their orders if they did not wish to sell at that price, the exchange said in a statement. “Trading was orderly and there was no sign of manipulation. We have also ascertained that the orders were not due to fat finger errors or any malfunctioning systems on the part of the participants,” it said. The stock later bounced back to trade at $6...
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