Singapore Exchange Suspends Trading

The Stock Exchange of Singapore on Sunday announced an indefinite suspension of trading to prevent panic selling after a major industrial venture was put into receivership.

Exchange Chairman Ong Tjin An told reporters that the suspension, an unprecedented move, was expected to last a few days to allow a cooling-off period for “the people to digest the situation.”

The decision came after banks and other creditors failed to work out a financial rescue package for Pan-Electric Industries, which has debts of more than $160 million.

Ong said the stock exchange, which operates Monday through Friday, had to suspend trading because “shares might fall and that’s what we’re trying to prevent.”