Buybacks maintain momentum

BUYING fell while selling among directors rose last week, according to filings on Singapore Exchange, with 15 companies recording 32 purchases worth $2.47 million versus sixwith 15 disposals worth $2.42 million. The buy figures were sharply down from the previous week's 23 companies, 49 purchases and $5 million. Sales were up from the previous week's five firms, six disposals and $310,000.

Buyback activity remained high with 12 companies that posted 37 repurchases worth $39.3 million - consistent with the previous week's 12 firms and 35 trades while the value was sharply up from that week's turnover of $6.6 million. The huge value was due to buybacks by DBS Group Holdings with 2.1 million shares purchased (March 10-14) for $33.4 million at an average of $15.92 each.

The buybacks, accounting for 6 per cent of the stock's trading volume, were made on the back of the 9 per cent drop in the share price since January from $17.41. The group acquired 1.8 million shares (June to July 2013) at an average of $15.59 each, 8.6 million shares (August to December 2011) at an average of $13.31 each and 4.579 million shares (November 2007 to October 2008) at an average of $17.41 each. The stock closed at $15.73 on Friday.