Surge in share buybacks continues

THE buying rebounded sharply while the selling among directors was flat based on filings on the Singapore Exchange in the second week of May. Buyers outweighed sellers with 18 companies that recorded 31 purchases worth S$5.9 million versus two firms with two disposals worth S$0.54 million. The buy figures were sharply up from the previous week's eight companies, 16 purchases and S$0.7 million. On the selling side, the number of firms and trades were consistent with the previous week's one company and three disposals. The sell value, on the other hand, was sharply down from the previous week's sales worth S$1.57 million.

Meanwhile, the buyback activity surged for the second straight week with 14 companies that posted 41 repurchases worth S$30.6 million. The figures were sharply up from the previous week's five firms, 15 trades and S$12.3 million. Among the companies that bought back shares last week are Indofood Agri Resources, MTQ Corporation, Poh Tiong Choon Logistics, Raffles Education, Singapore Exchange and Straco Corporation. On the directors' side, there were insider buys in Rotary Engineering and Sing Investments & Finance last week.

Indofood Agri Resources