Mar 21, 2018 Culture Comments Off on Data entry errors send Formosa Petrochemical stock crashing (update)
Taipei, Formosa Petrochemical Corp. shares plummeted Wednesday late in the session, amid reports of data entry errors made by a big institutional investor, while the stock market ended almost flat at the day's low of 11,011.07, according to the Taiwan Stock Exchange (TWSE).
Market statistics showed that investors sold about 15.20 million Formosa Petrochemical shares in the last few minutes of the trading session, which sent the stock plummeting 8.23 percent to NT$106.00 (US$3,63), with 17.60 million shares changing hands, by the close.
A huge chunk of the selling came from BNP Paribas, which dumped 14 million Formosa Petrochemical shares as it reportedly made some data entry errors due to a computer bug, the TWSE said.
The errors reportedly cost BNP Paribas an estimated NT$680 million in losses.
The company is trying to address the loss in accordance with its guidelines on the reporting and handling of out-trades, according to the TWSE.
In the last few minutes of trade on Wednesday, the broader market dropped 28 points.
Source: Focus Taiwan News Channel
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