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

The Singapore Exchange said there was no trading error behind the 64 percent plunge by shares of STX Pan Ocean Co. (STX), 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