The Trades That Caused a $2 Billion Plunge in UOB’s Market Value Have Been Upheld
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Singapore Exchange Ltd. upheld the trades that briefly erased more than $2 billion in market value for United Overseas Bank Ltd., saying the transactions didn’t breach any limits and there were no requests for cancellation.
Shares in Singapore’s third-largest bank by assets slumped as much as 6.6% in early trading amid thin volume but quickly reversed that loss. Four traders said that they suspect the slump was due to a trading error. The stock rose 0.4% as of 3:20 p.m. in local time, adding to its yearly gain of about 4.6% as of Tuesday’s close.