The Insider | Share buying by directors high for third straight week
There were several trades with huge upside potential in the share price with buybacks in Beijing Enterprises, insider buys in Haitian International and director sales in Tencent
Buying by directors was high for the third straight week with 32 companies recording 177 purchases worth HK$185 million (US$27.15 million) based on filings on the exchange during the holiday-shortened week of May 29 to June 2.
The number of firms and purchases were consistent with the previous week’s 5-day totals of 46 companies and 200 acquisitions. The buy value, on the other hand, was up from the previous week’s purchases worth HK$139 million.
On the selling side, sales were high for the second straight week with 13 firms that recording 39 disposals worth HK$393 million. The number of companies was not far off from the previous week’s 14 firms while the number of trades was sharply down from the previous week’s 90 disposals. The sell value, however, was sharply up from the previous week’s sales worth HK$257 million.
Aside from directors, buyback activity remained high with 17 companies that posted 72 repurchases worth HK$323 million based on filings from May 26 to June 1. The number of firms and trades were consistent with the previous 5-day period of 22 companies and 89 repurchases. The value, however, was sharply down from the previous 5-days’ turnover of HK$605 million.
There were several trades last week with huge upside potential in the share price with buybacks in Beijing Enterprises Holdings, insider buys in Haitian International and director sales in Tencent Holdings.
These three stocks, historically, have risen sharply following buybacks and insider trades.