Following an unusual spike in its share price today, Hong Kong listed Hutchison Telecom has issued a statement stating that it has no idea why the share price moved so much.

The share price opened higher this morning and had been averaging HK$2.25 until a sudden spike at around 2:35 local time pushed the price up to HK$2.65 before it fell back to an average of HK$2.40.

In the statement - requested by the stock exchange - the company said that the Directors of the Company have noted the recent increase in the trading price of the shares of the Company today and wish to state that they are not aware of any reasons for such increase.

The company also confirmed that it is not in any negotiations or agreements relating to intended acquisitions or realisations which are discloseable to the stock market.

Source:cellular-news