SIA buys back 446,600 shares during Wednesday's selloff

SINGAPORE Airlines bought back some 446,600 of its own shares on Wednesday as the blue chip Straits Times Index (STI) plunged more than 2 per cent after China stunned the financial world by devaluing the yuan.

In a filing to the Singapore Exchange, the national carrier said it spent S$4.57 million, buying back 446,600 of its own shares at S$10.16 to S$10.32 each in the open market.

The STI spent the whole of Wednesday in the red before ending a net 91.57 points or 2.9 per cent lower at 3,061.49, on a high volume of 1.8 billion units worth S$2.1 billion.

At 10.19am on Thursday, SIA was trading around S$10.21 a share, up one cent from its closing price on Wednesday. The STI was trading around 3,097.79, up 1.19 per cent or 36.30 points.