Buying by directors plunges; buybacks remain high

BUYING by directors plunged while sellers were absent for the second straight week in the third week of September, based on filings on Singapore Exchange. A total of 19 companies recorded 40 purchases worth S$4.3 million, down from the previous week's four-day totals of 33 firms, 61 purchases and S$4.98 million.

While buying by directors fell sharply last week, buyback activity remained high with 32 companies posting 106 repurchases worth S$182.4 million. The number of firms and trades were consistent with the previous week's 27 companies and 99 transactions, while the turnover was sharply up from the previous week's buybacks worth S$57.3 million.

There were several significant buyback and fund manager trades last week with initial repurchases by Sinarmas Land and Tiong Seng Holdings. Hyflux also bought back shares last week as the group recorded its lowest purchase price since it started its buyback programme in 2009. Meanwhile, there was bearish activity by institutional shareholders with sales in Noble Group by Franklin Resources and disposals in City Developments, Venture Corporation and Yanlord Land by Aberdeen Group of funds.