March 10 (Bloomberg) -- HSBC Holdings Plc jumped in Hong Kong, reversing a tumble in the closing seconds of trading yesterday that the city’s government said is being investigated.
The stock rose 14 percent to HK$37.65 at 10:18 a.m. local time. That returned the shares to where they traded before yesterday’s closing auction, when the price dropped to HK$33 from HK$37 in a single transaction.
Hong Kong’s Securities and Futures Commission is probing the closing-auction trade, Financial Secretary John Tsang told reporters today in comments broadcast by local television. The city’s stock exchange has pledged to improve the closing auction process to reduce volatility and forestall market manipulation.
“I wouldn’t comment on any individual stock, but I understand a lot of Hong Kong people are holding HSBC shares so the government is concerned about the drop,” Tsang said. “I have met with the SFC yesterday and they are investigating.”
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