Trading error sends stock skyrocketing
- By Yan Pei
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E-mail China.org.cn, August 16, 2013
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The benchmark Shanghai Composite Index reversed early losses to shoot up 3.19 percent and end the morning trade at 2,148.39 points, a two-month high. [File photo] |
An abnormal surge in the Shanghai stock market this morning, August 16, may have been the result of a trader's mistaken handling of orders as the benchmark Shanghai Composite Index reversed early losses to shoot up by 3.19 percent and ended the morning trade at 2,148.39 points.
A trader at Everbright Securities mistakenly placed an order worth 7 billion yuan (US$1.14 billion), sending the stock market onto a two-month high, according to market sources.
In a statement issued on the Everbright website at noon today, the company said its trading system was on the fritz and the company has carried out an investigation.
Everbright Securities was suspended from trading after the surge was found to be a blunder.
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