Wynn the winner in ding-dong trading on Sands' debut
Hardly a day goes by without the rivalry between casino tycoons Sheldon Adelson and Steve Wynn manifesting itself.
And so it was yesterday with the listing of Sands Macau on the Hong Kong stock exchange.
We couldn't help notice a couple of strange trading patterns involving Wynn Macau, which listed on the local bourse last month.
In the morning, Wynn Macau shares rebounded about 5 per cent to HK$9.70 when Sands China opened at HK$9.30 - 10 per cent below its initial public offering price of HK$10.38. The divergence continued until about noon, when Wynn shares suddenly fell to HK$9.30 from HK$9.72 then bounced back a couple of minutes later.
Then, seven minutes before the afternoon closing, Wynn shares were again under heavy selling pressure. They were pushed down to HK$9.32 from HK$9.57 before last-minute buying saw the counter jump 3.5 per cent higher back to HK$9.57.
