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Singapore Exchange Says STX Pan Ocean’s Plunge Wasn’t Error

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Aug. 18 (Bloomberg) -- The Singapore Exchange said there was no trading error behind the 64 percent plunge by shares of STX Pan Ocean Co., South Korea’s biggest dry-bulk carrier, during the final few minutes of trading yesterday.

Two lots totaling 300 STX Pan Ocean shares changed hands at S$1.595 apiece at 5:04:25 p.m., according to data compiled by Bloomberg. The stock was trading at S$4.25 about five minutes earlier.

There was no error reported by the parties to the transactions, the exchange said today in an e-mailed statement, adding that it monitors market activity closely.

STX Pan Ocean said yesterday in an e-mail it couldn’t immediately comment on the stock plunge. The company’s Seoul-listed shares closed unchanged at 4,125 won.

To contact the reporter on this story: Joyce Koh in Singapore at jkoh38@bloomberg.net

To contact the editor responsible for this story: Paul Tighe at ptighe@bloomberg.net

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