Surge in buying and buybacks
DIRECTORS' buying surged while selling remained low last week, based on filings on Singapore Exchange from Feb 17 to 21. A total of 15 companies recorded 26 purchases worth $8.76 million versus three firms with three disposals worth $220,000. The buy figures were sharply up from the previous week's five companies, 18 purchases, and $2.86 million. The sales, on the other hand, were not far off from the previous week's one firm, five disposals and $490,000.
Aside from directors, buyback activity surged last week with nine companies posting 30 repurchases worth $5.33 million. The figures were sharply up from the previous week's six firms, eight trades and $1.14 million.
There were several significant corporate shareholder trades last week. Courts Asia and Koh Brothers Group resumed buying back after releasing their earnings results. On the directors' side, there were key insider buys in GP Batteries International and Aspial Corporation and sales in Asia-Pacific Strategic Investments and Lion Teck Chiang. On the substantial shareholders front, CIM Investment Management recorded its first sale in Frencken Group following the steep gain in its share price.
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