HPL says it's unaware of any reason for intraday share spike

Shares of Hotel Properties Limited (HPL) rose as much as 9.3 per cent to $4.72 in morning trading on May 16, prompting a query from Singapore Exchange Regulation (SGX RegCo).

- Timothy Goh

In response to the query, HPL said it was not aware of any information not previously announced concerning the company, its subsidiaries or associated companies that might explain the unusual trading activity.

It also said it was not aware of any other possible explanation for the unusual price movements, and confirmed that the company is in compliance with the SGX's listing rules.

The stock sharply pared its gains in the afternoon, closing up 2.3 per cent, or 10 cents, at $4.42. About 545,000 shares had changed hands, well above the stock's recent trading volume. Trading data also showed the price rally began on May 15.