UPDATE: Hong Kong Bourse Website Technical Problems Cause 7 Hong Kong-Listed Stocks To Halt Trading
10 August 2011 - 6:38PM
Dow Jones News
HONG KONG (Dow Jones)--Technical problems with the Hong Kong
stock exchange's news website Wednesday resulted in afternoon
trading halts in seven listed companies that issued price-sensitive
information, such as earnings data, during the midday break.
The Hong Kong stock exchange, which requested the trading
suspensions, said it is investigating the website problem, noting
the news website service will resume "as soon as the technical
problem is resolved." The stock exchange's news website is the main
public portal for listed company announcements.
The unprecedented trading halts, which involved three of the
city's main blue chip stocks, come a day after the benchmark Hang
Seng Index plunged 5.7%, in one the biggest stock market declines
for the city since 2008, amid a global equities selloff following
Standard & Poor's downgrade of its U.S. sovereign debt rating.
Companies that have been suspended from trade include blue chips
Hong Kong Exchanges & Clearing Ltd. (0388.HK), operator of the
exchange, as well as banking giant HSBC Holdings PLC (HBC) and
Cathay Pacific Airways Ltd. (0293.HK).
The exchange said its other systems aren't affected and trading
in its securities and derivatives markets continues to operate
normally.
As a result of the technical problems, issuer documents
submitted may not be published on the exchange's website, the
bourse operator said.
"This trading suspension policy aims to give all investors
sufficient time to understand the contingency arrangements and
locate issuers' announcements on their websites," the exchange said
in a statement.
Other companies that halted trade for the afternoon session
include China Resources Microelectronics Ltd. (0597.HK), China
Power International Development Ltd. (2380.HK), Dah Sing Banking
Group Ltd. (2356.HK), and Dah Sing Financial Holdings Ltd.
(0440.HK).
The seven companies either reported earnings results or other
price sensitive information during the lunch break. HSBC announced
a deal to sell its U.S. credit card and retail services
business.
All seven stocks were broadly higher in morning trade, tracking
a rebound in the benchmark Hang Seng Index.
In the meantime, the exchange said investors can refer to a
temporary Bulletin Board, at www.bulletinboard.hk, which lists all
documents published by issuers.
The Securities and Futures Commission, which regulates the
city's stock market, said that the stock exchange "has reported the
situation to us and we are following up the matter."
-By Kate O'Keeffe, Dow Jones Newswires; 852-2802-7002;
kathryn.okeeffe@dowjones.com
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