Corporate purchases surge, buybacks plunge

DESPITE a shorter trading week corporate purchases of stocks jumped in April 27-30, according to filings on the Singapore Exchange. Twelve companies made a total 17 purchases worth S$4.6 million.

This was up sharply from the week before when S$1.8 million of shares were bought over the normal five trading days. But the number of buys made last week was down sharply from the 33 recorded over a normal 5-day week in the previous week. The number of companies involved in the two weeks was unchanged.

Sellers were conspicuously absent in the stock market last week, as insiders were inactive. It's the first time since the last week of February that directors abstained from making a sale in the market.