Directors' buying down; buyback activity rebounds
THE buying among directors fell, based on filings on the Singapore Exchange from May 4 to 8, with eight companies that recorded 16 purchases worth S$700,000. The figures were down from the previous week's four-day totals of 12 firms, 17 purchases and S$4.6 million. The selling, on the other hand, rebounded with one firm that recorded three disposals worth S$1.57 million. There were no sales by directors in the previous week.
While buying by directors fell last week, the buyback activity rebounded sharply with five companies that posted 14 repurchases worth S$11.6 million. The figures were up from the previous week's one firm, one trade and S$40,000. The top buyer last week in terms of value was OSIM International as the group resumed buying back after posting a sharp drop in first-quarter profit.
Aside from OSIM, there were several significant corporate shareholder trades last week with insider buys in Hong Leong Asia, Hwa Hong Corporation, Roxy-Pacific Holdings and Serial System Limited. On the funds' side, Franklin Resources became a substantial shareholder of SembCorp Marine Limited following the sharp fall in the share price. Lastly, BlackRock Inc recorded its first sale in Suntec Reit since it became a substantial shareholder in November last year.
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