“Broker’s $65,000 Trade Error Linked to Punja Family”

A broker was behind a $65,000 trade error linked to the Punja family name.

The error on the South Pacific Stock Exchange involved four companies, three of which were associated with the Punja family.

Three companies, FMF, Rice Company of Fiji, and Atlantic & Pacific Packaging Company Limited, have directors with the Punja surname.

Fijian Holdings Limited was the fourth company.

South Pacific Stock Exchange (SPX) Chief Executive Sheraj Obeyesekene stated that $65,033.56 were traded prior to cancellation.

“Cancelled trades do not impact pricing, hence there has been no effect on the indices,” he said. “There will be no financial impact on any investors involved, as settlement did not take place. There was no ill-intent involved in the placement of orders; it was a human error on the part of one of the brokers.”

The trade, executed on July 5, was cancelled following a review that determined the orders were placed “in error by the broker representative concerned.”

SPX Records Encouraging Trading Activity during First Half of 2024

The South Pacific Stock Exchange reported encouraging trading activity in the first six months of 2024, with trading values significantly higher than the same period in 2023.

More than $33 million worth of trade was recorded in the first six months of 2024, compared to $3.4 million in 2023, Mr. Obeyesekere said.

The SPX Total Return Index grew by 4.44 percent since the start of the year.

“Market performance during the month of June contributed to a strong end to the period in review, with a total of 289 transactions yielding an aggregate volume of 4,370,649 shares and a trading value of $10 million, a noteworthy improvement of 4504.14 percent compared to May 2024, which was largely driven by significant institutional investor activity,” the exchange stated.

Market capitalization increased by 3.25 percent in June, ending the month at $3.46 billion.

Based on the recent uptrend in success, SPX is hopeful for a continuation of momentum, said Chairperson Nitin Gandhi.

“SPX is in a period of transition, and we look forward to exploring new opportunities to grow the investor base. We invite the Fijian public to actively explore stock market investments as a means to achieve financial growth,” he said.

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