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Frenetic Trading of 3 Stocks Confounds Hong Kong Market
A high-flying Chinese real estate company loses billions of dollars in value one week, then recovers the next. And no one, including the company’s executives and regulators, can say exactly why. “The board confirms that it is not aware of any reasons for these price and trading volume movements, or of any information which must be announced to avoid a false market in the company’s securities,” the company, Goldin Properties, said in a stock exchange filing on Tuesday. Unexplained price swings are not unheard-of in Hong Kong’s volatile stock market. But the sheer scale of the whipsaw trading in recent days ... (full story)