Buying by directors loses steam

THE buying by directors fell for the first time in the past four weeks with 18 companies that recorded 30 purchases worth S$6.77 million. The figures were sharply down from the previous week's 28 firms, 56 purchases and S$17.14 million. There were no disposals by directors last week.

Meanwhile, the buyback activity was flat with 20 companies that posted 60 repurchases worth S$14.67 million. The figures were consistent with the previous week's 19 firms, 55 trades and S$14.69 million.

The fall in the buying last week was not surprising due to the sharp rebound in the market this month. There were, however, several companies and directors that were undeterred by the rise in the market, opting to buy more shares at higher than their acquisition prices in the past year. Among the stocks that recorded purchases at higher prices last week are Combine Will International, Avi-Tech Electronics, Federal International (2000), Maxi-Cash Financial Services Corp, Hong Fok Corporation, Silverlake Axis and Sunningdale Tech.