Blue-chip listcos scoop up more shares; Singapore market faces volatility on Trump tariff uncertainty

[SINGAPORE] Constituent companies on the Straits Times Index (STI) lost no time in picking up their own shares after the benchmark index tanked on US President Donald Trump’s tariffs.

The baseline 10 per cent tariffs, which kicked in on Apr 5, caused major markets in the West and the region to collapse when trading started last Monday (Apr 7).

Initially, most of the STI’s 30 constituents dived. Singtel recovered slightly on Wednesday morning, while local bourse operator Singapore Exchange made a steady comeback with successive gains after falling at Monday’s open.

On Thursday morning, all STI constituents bounced back after Wall Street rallied almost 8 per cent overnight, with the Dow Jones index making a dramatic comeback on Trump’s delay of the steep reciprocal tariffs hours after they kicked in.

However, most fell back on Friday as tariff uncertainty returned. The STI closed Friday down by 1.8 per cent or 65.3 points to 3,512.53, mirroring most regional indices. This was 8.2 per cent lower than one week prior on Apr 4 when it closed at 3,825.86 points.

These are some of the major buybacks reported by STI companies so far this week:

DBS bought back a million shares for S$39.1 million at between S$36.31 and S$40.32 a share on Monday; 500,000 shares for S$19.1 million at between S$37.86 and S$38.53 a share on Tuesday; and 700,000 shares for S$26.1 million at between S$36.88 and S$37.86 a share on Wednesday; and 700,000 shares for S$26.7 million at between S$37.70 and S$38.43 on Friday. The lender cancelled all its repurchased shares. This comes on the back of its S$3 billion share buyback programme announced in November 2024. The counter closed on Friday 3.9 per cent or S$1.54 lower at S$38.13.

UOB on Monday repurchased 100,000 shares for S$3.3 million at between S$29.68 and S$34.21 a share, cancelling half and holding the rest in treasury. On Tuesday, it bought back a second tranche of 100,000 shares for S$3.2 million at between S$32.01 and S$33.67 a share, cancelling half and holding the rest in treasury. On Wednesday, it bought back a third tranche of 100,000 shares for S$3.1 million at a price range of S$30.71 to S$31.38, cancelling half and storing the rest in treasury. On Thursday, it spent S$13.3 million to repurchase 400,000 shares at between S$32.88 and S$34.50 a share, cancelling 350,000 and keeping 50,000 in treasury. On Friday, it bought 300,000 shares back for S$9.7 million at between S$32.00 and 32.53 per share. Shares of UOB settled 2.2 per cent or S$0.74 lower at S$32.47 on Friday.

OCBC on Thursday paid S$3.1 million for 200,000 shares at S$15.42 apiece, all of which were stored in treasury. On Friday, it spent nearly S$6 million on 400,000 shares for S$14.97 each. The counter closed on Friday 2.7 per cent or S$0.42 lower at S$15.01.

Among index stocks that picked up shares was bourse operator Singapore Exchange . The bourse operator scooped up its shares in four tranches of 150,000 shares each, spending S$1.8 million on the first three rounds and S$1.9 million for Friday’s round. It bought back shares at price ranges of S$11.86 to S$12.15 on Monday, S$11.84 to S$12.05 on Tuesday, S$12.08 to S$12.15 on Wednesday and S$12.71 to S$12.75 on Friday. All repurchased shares were stored in treasury. The counter ended 1.1 per cent or S$0.14 higher at S$12.69 on Friday.

ST Engineering on Monday scooped up 500,000 of its shares for a total spend of S$3.1 million at between S$6.16 and S$6.36 a share. The defence and engineering group is one of the biggest blue-chip gainers year to date, with a gain of more than 40 per cent. The counter rose 0.8 per cent or S$0.05 to S$6.67 on Friday.

CapitaLand Investment bought back 12,000 shares at S$2.48 apiece for a total spend of S$29,816.96 on Tuesday and then purchased another three million shares at between S$2.43 and S$2.44 a share for a total sum of S$7.3 million on Wednesday. All repurchased shares were held in treasury. The counter finished Friday 0.8 per cent or S$0.02 lower at S$2.48. 

Venture Corporation paid more than S$544,000 to buy back 50,000 shares at S$10.88 apiece on Monday; on Tuesday, it spent over S$161,660 to repurchase 15,000 shares at S$10.76 apiece, and then spent S$104,196.10 on another 10,000 shares at S$10.41 apiece on Wednesday. All repurchased shares were cancelled. The counter closed 1.7 per cent or S$0.19 lower at S$10.69 on Friday.

City Developments Ltd on Tuesday said it is seeking shareholders’ approval for a share purchase mandate that will allow it to buy back up to 10 per cent of its ordinary shares and a maximum of 10 per cent of its preference shares. The counter retreated S$0.07 or 1.5 per cent on Friday to S$4.48.

National carrier Singapore Airlines (SIA) spent S$3.1 million buying back 500,000 shares at between S$6.04 and S$6.27 a share on Monday; around S$3 million on another 500,000 shares at between S$5.97 and S$6.10 apiece on Tuesday; S$3.1 million for 522,500 shares at between S$5.91 and S$6.05 a share on Wednesday; and S$3.2 million for 517,500 shares at between S$6.25 and S$6.27 apiece on Thursday. SIA said all repurchased shares were stored in treasury. The counter fell 1.4 per cent or S$0.09 to S$6.16 on Friday.

China vessel maker Yangzijiang Shipbuilding on Monday bought back two million shares at S$1.85 to S$1.90 each for a total of S$3.8 million. On Tuesday, it bought back three million shares at S$1.90 to S$1.91 a share for a total of S$5.7 million. On Wednesday, it picked up another one million shares at S$1.85 apiece for a total sum of S$1.9 million. On Thursday, it paid S$3.9 million for two million shares at between S$1.92 and S$1.98 each. On Friday, it scooped up another two million shares at around S$4 million between S$1.92 and S$2.02 per share. It said that all purchases will be added to its treasury shares. Yangzijiang Shipbuilding’s shares climbed 2.6 per cent or S$0.05 to S$1.99 on Friday.