Plunge in buyback activity
THE buying was flat while the selling was low among directors for the fourth straight week, according to Singapore Exchange filings during the holiday-shortened Dec 23-27 week. A total of 11 companies recorded 23 purchases worth $2.35 million, versus two firms with three disposals worth $0.41 million. The number of firms and value were not far off from the previous week's five-day totals of 14 companies and $2.47 million, though the number of trades was sharply down from the previous week's 41 acquisitions. Sales were consistent with the previous week's two firms, six disposals and $0.29 million.
Meanwhile, buyback activity plunged with only nine companies that posted 18 repurchases worth $1.64 million. The figures were sharply down from the previous week's 14 firms, 34 trades and $6.7 million.
Despite the sharp fall, there were several significant repurchases last week - with acquisitions by Falcon Energy Group, Chip Eng Seng Corp, and Pacific Century Regional Developments. On the directors' side, there were key insider buys in Fragrance Group, Hong Fok Corp, Ley Choon Group, Mermaid Maritime Public Company and Serial System.
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