Hong Kong SFC to investigate whether New World Devt engaged in insider trading

HONG KONG (AFX-ASIA) - The Securities and Futures Commission will investigate whether New World Development Co Ltd has been engaged in insider trading by warning some brokerages of its lower than expected results before the official results announcement today, the Hong Kong Economic Times cited market sources as saying. The sources said the SFC's investigation will focus on whether the warning has prevented some investors who received the information first from incurring possible losses. They said the SFC is very much concerned about any possible unfair disclosure of information which will impact market trading practises. Yesterday, New World Development closed down 1.50 hkd at 10.10.

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