OpinionDirectors' share purchase total soars on CLP duo's big buys

Buying rose for the second straight week, while selling among directors surged, based on filings on the Hong Kong stock exchange from March 4 to 8. Buyers outweighed sellers, with 10 companies recording 46 purchases worth HK$476 million, against eight firms with 22 disposals worth HK$61 million.

The number of transactions and value on the buying side were up from the previous week's 36 acquisitions worth HK$139 million.

The sales, on the other hand, were sharply up from the previous week's two firms, four disposals, and HK$2.4 million.

The huge buy value last week was due to acquisitions in the utility firm CLP by its chairman, Michael Kadoorie, and a non-executive director, Ronald McAulay, for a combined 6.2 million shares from February 28 to March 6 for HK$420 million.

Overall, these two senior board members have acquired 8.2 million shares worth HK$554 million - an average of HK$67.20 each - since the company announced its year-end results on February 25. The blue chip closed at HK$67 on Friday.

Aside from directors, buy-back activity rose last week with seven companies posting 32 repurchases worth HK$76.4 million. The figures were up from the previous week's six firms, 27 trades and HK$39.1 million.

Soho China resumed buying back after the mainland commercial property developer announced its annual results on March 6, with 6.66 million shares purchased on March 7 and 8 at an average of HK$6.09 each.