Surge in director sales on Hong Kong exchange

Buying of their own company stock by directors was flat last week, but selling surged.

In all, 42 companies reported 153 purchases worth HK$104.4 million, based on filings to the stock exchange, compared with 11 companies reporting 43 disposals worth HK$60.9 million.

The number of companies and trades on the buying side was in line with the previous week's 43 companies that reported 149 acquisitions, but the value of the trades was sharply down from the previous week's purchases worth HK$175.3 million. Sales were sharply up from the previous week's eight companies that reported 20 disposals worth HK$7.4 million.

Chief executive Mark Edward Tucker resumed buying shares of financial services provider AIA Group at higher than his previous acquisition prices, with 300 shares bought on September 17 at HK$29.30 each. The trade increased his holdings to 11.837 million shares, or 0.1 per cent of the issued capital.

The purchase was made after the stock rose by 12 per cent from HK$26.10 on September 4.

Tucker acquired 3,100 shares from January 16 to August 15 at HK$24.02 to HK$28.28 each, or an average of HK$25.42 each. Prior to his trades this year, he acquired 453,000 shares from October 2010 to December last year at an average of HK$23.04 each.

The stock closed at HK$28.45 on Friday.