Mar 21, 2018 Athletic Comments Off on Data entry errors send Formosa Petrochemical stock prices crashing
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 14,000,000 Formosa Petrochemical shares as it reportedly made some data entry errors, the TWSE said.
In those last few minutes, the broader market dropped 28 points.
The TSWE said it had not yet received a report from BNP Paribas on its transactions Wednesday or the cause of the reported data errors.
Source: Focus Taiwan News Channel
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