Reports of trading suspension for MMK shares on MICEX were mistaken - stock exchange
MOSCOW. June 27 (Interfax) - Reports on the suspension of trading for shares from Magnitogorsk Iron & Steel Works (MMK) on the MICEX Stock Exchange effective 5:08 pm Moscow time because of a decrease of more than 30% against the previous trading day's close was the result of technical malfunction, the MICEX Stock Exchange told Interfax.
A source said that the malfunction took place during calculation of the average weighted quotation for MMK shares. An incorrect quotation of 15.596 rubles per share was produced, which was over the limit of a30% decrease. As a result, trading was suspended.
The real transactions with MMK shares came to 24.654-25.196 rubles per share. The last quotation was 24.666 rubles, which was a decrease of 1.7% from close of trading on Friday.
