Key Takeaways:
- Futong Tech shares were halted at 10:32 a.m. HKT after rallying 77.78%.
- The stock last traded at HKD2.24, its highest price during the session.
- Turnover reached HKD14.03 million before the suspension.
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Futong Tech Surges 78% Before Mid-Day Trading Halt
Trading in Futong Tech (00465.HK) was suspended mid-morning on Monday after the share price skyrocketed nearly 78% on unusually high volume.
According to a filing with the Hong Kong Stock Exchange, trading was halted at 10:32 a.m. local time. The company stated the halt is pending the release of an announcement.
Before the suspension, Futong Tech shares changed hands at HKD2.24, a gain of 77.78% for the session. Turnover for the brief trading period was HKD14.03 million, a significant spike compared to its recent daily averages.
The extreme price move and subsequent halt suggest a major corporate event is imminent. Investors are now awaiting clarification, which could range from a significant acquisition or partnership to a potential regulatory issue, setting the stage for high volatility when trading resumes.
This article is for informational purposes only and does not constitute investment advice.
