Opinion | Directors dip into cement buys as share prices fall
Concrete plays by insiders grab attention amid announcements of falls in company earnings
Company directors bought fewer shares and sold more stock in their own firms between August 20 and August 24, based on filings made to the stock exchange.
A total of 17 companies reported 78 insider purchases by directors worth HK$37.1 million versus five companies that reported 17 disposals worth HK$14.9 million.
The buy figures were down from the previous week's 23 companies and 88 purchases worth HK$340.6 million, while on the sell side, the number of companies and trades was up from the previous week's three companies and three disposals. The value of disposals, however, was sharply down from the previous week's sales worth HK$117 million.
While buying by directors slowed during the reporting period, buy-back activity by listed companies picked up, with 13 companies posting 63 repurchases worth HK$92 million.
That was sharply up from the previous week's seven companies and 29 repurchases, although the value of the trades was down from the previous week's buy-back total of HK$164.6 million.
Cement plays took the spotlight with buys recorded in West China Cement, Asia Cement (China), and China Shanshui Cement.
The acquisitions were made on the back of sharp drops in their share prices and announcements of steep falls in earnings this month.