Chinese stocks swing wildly after computer error
BEIJING (AP) - Chinese stock prices swung wildly on Friday after a brief trading frenzy blamed on a brokerage's computer error.
Trading volume soared to 54 per cent above Thursday's level, with 1.5 billion shares changing hands. That caused the main market index to spike up 6.5 per cent before falling to end the day down 0.6 per cent.
The country's fifth-largest brokerage, Everbright Securities Ltd., said later that it suffered an unspecified problem with a computerised trading system.
Everbright sent 7 billion incorrect purchase orders for shares, according to a government news agency, China News Service (CNS).