Buying by directors, buyback activity surge

THE buying surged with directors and listed firms posting huge tradings last week based on filings on Singapore Exchange (SGX). A total of 28 companies recorded 50 director purchases worth S$11.9 million - up sharply from the previous week's four -day totals of 10 firms, 19 purchases, and S$7.06 million.

Buybacks were even more with 20 companies posting a whopping 80 repurchases worth S$47.9 million. The buyback totals jumped from the previous week's nine firms, 20 trades, and S$18.8 million. The tradings by directors were all the more bullish because of the absence of sales by directors.

The surge in the buyback activity last week was due to sharp fall in share prices with repurchases in Mewah International, Lian Beng Group, Falcon Energy Group, Hi-P International, Sembcorp Industries, Tat Hong Holdings, and Wilmar International.