25-05-2007 10:13:26
Singapore's DBS stock plunged on error trade
SINGAPORE, May 25 (Reuters) - An error trade in Singapore's DBS
Group Holdings Ltd. shares triggered a 400 point drop in the
Straits Times Index <.STI> on Friday morning, stock market
operator Singapore Exchange said.
Traders said it was not immediately clear which broking firm or
dealer had entered the trade in shares in Southeast Asia's biggest
bank.
"There were two trades done at S$0.27. It is obviously a mistake.
It must be a keying-in error, looks like it could have been for a
warrant," said a trader at a Singapore bank.
"It's a remisier. He probably hit the wrong counter. It's happened
before. Of course it's not something that you want to see, but it's
human error. He'll probably just receive a warning letter," said
Chan Tuck Sing, a dealing director at UOB Kay Hian.
According to Reuters data, 167,000 DBS shares were sold at S$0.27
just after market open at 9 a.m. (0100 GMT).
A Singapore Exchange spokeswoman said it had been informed of an
error trade in DBS shares and is analysing what happened.
DBS shares were down 3.3 percent or 80 Singapore cents at S$23.70
at 0211 GMT, while the broader market <.STI> was 1.4 percent
lower at 3,481.99 points.
http://yahoo.reuters.com/news/artic...omktNews&rpc=44
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LATEST UPDATE
Singapore broker DMG requests to cancel DBS mistrade
SINGAPORE, May 25 (Reuters) - Singapore securities broker DMG &
Partners has requested that counterparties cancel a mistrade in DBS
Group Holdings shares, a DMG trader said on Friday.
"There was an error and we're in the midst of cancelling it," a
senior DMG trader told Reuters.
The transaction briefly sent the city-state's stock market index
400 points lower.
http://sg.biz.yahoo.com/070525/3/48t7m.html
