Local stock traders and remisiers were upset yesterday after Bursa Malaysia Bhd announced that trades for Unisem (M) Bhd (5005) warrants over a one-hour period in the afternoon session had been cancelled.
"This is very unfair. So, now the gains that our clients got, will have to be erased," said a remisier, who declined to be named.
Bursa Malaysia informed investors that trades of the warrants matched from 2:30pm to 3:23pm would be cancelled due to a mistake in computing the upper limit price.
"The stock will be moving to pre-opening (reserve state) at 3:55pm and will commence continuous state at 4:05pm. The upper limit price will be 50 sen for the remaining session. All the previous orders in the order book will be purged," it said in a statement yesterday.
During the one hour period till 3.23pm, the price of the warrants rose to as much as 80 sen.
The warrants, which made its debut on Bursa Malaysia yesterday, opened at 50 sen each. - Business Times
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