Buybacks continue surge, sales stay low

BUYBACK activity surged for the second straight week. Buying went up as well, while selling among directors was low for the third straight week, according to Singapore Exchange filings in the third week of November. A total of 22 companies recorded 41 purchases worth S$16.5 million versus two firms with three disposals valued at S$2.95 million. The buy figures were sharply up from the previous week's nine companies, 14 purchases and S$1.83 million. On the selling side, the number of firms and trades were consistent with the previous week's two companies and two disposals. The sell value, however, was up from the previous week's sales worth S$640,000.

Meanwhile, buyback activity surged for the second straight week with 14 companies posting 77 repurchases worth S$63.3 million. The figures were up from the previous week's 12 firms, 37 trades and S$22.5 million. Among the firms that bought back last week were OSIM International and Pan-United Corporation. The repurchases were significant as there was also a fund manager purchase in OSIM and insider buy in Pan-United.

With the surge in director buying last week, the bulk of the significant trades were purchases with insider buys in Karin Technology, Gaylin Holdings and Haw Par Corporation. Meanwhile, there were several interesting fund manager trades last week with Aberdeen Asset Management buying shares in City Developments at below its sale price and Temasek buying shares in ST Engineering at above its sale price.