Director buying slows, buyback activity stays flat

THE buying by directors slowed after they posted heavy buys in the previous two weeks with 18 companies that recorded 34 purchases worth S$1.59 million based on filings on the Singapore Exchange from Sept 12 to Sept 16. The figures were down from the previous week's 21 firms, 46 purchases and S$4.14 million. Meanwhile, there were no sales by directors last week. The sellers' absence was not surprising as there was only one firm, one disposal and S$0.01 million worth of disposals in the previous week.

Meanwhile, the buyback activity was flat last week with 23 companies that posted 63 repurchases worth S$27.5 million. The number of firms and trades were not far off from the previous week's 25 companies and 66 repurchases. The value, on the other hand, was sharply up from the previous week's turnover of S$19.9 million.

There were several significant purchases last week with buybacks in Koda Ltd, New Silkroutes Group and BreadTalk Group. Meanwhile, there was strong price support in iFast Corporation with buybacks by the company and purchases by two directors in the past month. On the directors' side, there were insider buys in Mewah International and Tat Hong Holdings following the sharp fall in their share prices. Not all directors bought shares following a correction as the CEO of United Global Ltd resumed buying following the sharp rebound in the company's share price.