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SGX weekly share buybacks drop to S$65m from S$91m
SHARE buybacks slowed down to S$65 million for the week of Dec 15-19, compared to S$91 million the previous week, a market update from the Singapore Exchange (SGX) said on Tuesday.
More than half of SGX buybacks by value last week were done by oil rig builder Keppel Corp after shares had slumped from S$11 in August to below S$8 last week.
Buybacks are typically a signal by companies that their shares are undervalued. Companies also take the opportunity when prices are low to buy back shares to issue to management and staff as part of executives' performance share plans.
The SGX market update can be found here: http://www.sgx.com/ wps/wcm/connect/sgx_en/home/newsflash/mu_23122014_1