Dealers said the sharp jump late on Monday could be due to an error trade, while the management of the firm told the stock exchange it had no explanation for the rally.

'Whoever bought its shares must have lost millions as its share prices balanced out this morning,' said a local dealer.

A second dealer said he heard an institutional dealer had bid CapitaMall at $3 late on Monday, which boosted its price from $1.60 within a few minutes.

By 10.50 Singapore time, Capitamall fell by 44.3 per cent to $1.67.

CapitaLand , which manages CapitaMall Trust, was trading a $3.06 early on Tuesday.

The benchmark Straits Times Index was up by 1.37 per cent. -- REUTERS