Towards Financial Freedom
SHARP PRICE FALLS FUELLING BUYBACKS
For the third straight week, directors of listed companies were still more in a buying than selling mood, according to filings on Singapore Exchange last week. Seventeen companies posted 27 purchases worth $9.53 million, against one disposal valued $1.1 million. The number of companies on the buying side was not far from the previous week's 19 firms. Purchases were down from the previous week's 41 acquisitions but the value was sharply up from the previous week's trades worth $5.64 million.
Buyback activity was high for the fifth consecutive week, as 17 companies made 42 repurchases worth $19.5 million. This is consistent with the previous four weeks' averages of 15 firms, 48 trades and $17 million.
The sharp fall in share prices since May prompted several companies, directors and funds to buy shares last week. DBS Group recorded its first repurchases since 2011, after the stock fell 12 per cent. The 13 per cent drop Ho Bee Investment's share price also led the company and its CEO to buy. The real estate developer and investor's CEO, Chua Thian Poh, recorded purchases and a buyback in the company this month, with a combined 714,000 shares purchased from June 14 to 20 at an average of $1.93 each.
Meanwhile, a non-executive director of Mapletree Group trusts made rare purchases in Mapletree Logistics Trust, Mapletree Industrial Trust, Mapletree Commercial Trust and Mapletree Greater China Commercial Trust. Their share prices have toppled 15-20 per cent since May. Two other stocks that recorded insider buys following the fall in their share prices in the past two months were UOL Group and Ascendas Hospitality Trust.
Fund manager Aberdeen Asset Management acquired more shares of City Developments, while Beas Glory Capital raised its position in Religare Health Trust.
Source: AmFraser
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