Singapore stocks to open lower as market recovers from major trading dsruption

SINGAPORE - Remisiers expect the Singapore stocks market to open lower on Thurday morning after Wednesday's unprecedented trading glitch as brokerages did not have a chance to complete all their forced selling.

The trading glitch saw trading halted for about three hours. Trading was extended for about half an hour from 5.15 pm. The Straits Times Index closed up 5.97 points to 3,287.54 but volume was a lower than expected 847.8 million shares.

Investor Denis Distant who had been monitoring the market on Wednesday said that he was upset about a lack of communication about the glitch by the Singapore Exchange.

In a statement on Wenesday, SGX said that market participants were disconnected from the securities and derivatives trading systems at 2.18pm because of "multiple power supply issues".

SGX said the power malfunction was not deemed to be the result of a cyber attack.

It apologised for the outage and the "inconvenience caused to market participants," saying it was "investigating the root cause for the disruption."