The Hong Kong stock exchange has announced that it will suspend its closing auction, just three days after suspicious late trades contributed to a sharp fall in HSBC's shares.
The 24 per cent fall to a 12.5 year low of HK$33 rocked Hong Kong, where HSBC is regarded as a reliable “retirement stock” and affectionately known as the “big elephant” because of its weighting in the benchmark Hang Seng Index.
HSBC's Hong Kong-traded shares have since rebounded 9.7 per cent, closing yesterday at HK$36.20.
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