CLP executives top buyers' list as sell-side value slides

Buying rose for a third week while selling among directors was high for a second week, based on filings on the exchange last week.

Buyers outweighed sellers with 16 companies that recorded 69 purchases worth HK$412 million, compared with nine firms with 38 disposals worth HK$30 million.

The number of companies and trades on the buying side were sharply up from the previous week's 10 firms and 46 purchases, while the value was not far off from HK$476 million previously. On the selling side, the number of trades surged from 22 disposals the previous week but the value fell from HK$61 million.

The huge buy value last week was again due to acquisitions by chairman Michael Kadoorie and non-executive director Ronald McAulay in utility firm CLP with a combined 6.46 million shares bought from March 7 to 13 worth HK$433 million at an average of HK$67.04 each. That brought their total purchases since the last week of February to 14.7 million shares worth HK$987 million at an average of HK$67.13 each. The blue chip closed below their purchase price at HK$66.55 on Friday.

There was also positive sentiment in property plays Tern Properties, CSI Properties and Goldin Properties. The purchases were significant as these stocks tend to rise whenever their chairmen buy stock.

Chairman Chan Hoi-sow recorded his first trade in Tern since February last year with 12,000 shares purchased on March 12 at HK$4.50 each. The trade increased his holdings to 56.4 per cent of the issued capital. The acquisition was made on the back of the 29 per cent rise in the stock since December from HK$3.48.

Investors should note that the stock rose an average of 8 per cent six months after Chan bought shares based on 39 purchases since 1994.