OpinionDirectors dig deeper into their wallets as the sellers retreat

Directors have boosted their purchases of shares in their companies, with sales by insiders remaining low for a fourth straight week.

Fifty-three companies recorded 286 purchases worth HK$864 million, against only six firms with 12 disposals worth HK$36 million. The purchases for the second week of this month were up from the previous week, when 46 firms reported 208 purchases worth HK$540 million.

On the selling side, the number of trades and value were down from the previous week's 17 disposals worth $100 million.

Directors of property stocks again led the buying last week with purchases in Henderson Land Development, Country Garden, Sun Hung Kai Properties, Shimao Property and Fantasia worth a combined HK$638 million.

Lee Shau-kee topped the list, with the chairman picking up 6.78 million shares of Henderson worth HK$319 million. Henderson, which has been lagging the property sector of late, closed 3.5 per cent higher at HK$49.05 last week.

Several firms recorded rare or first-time purchases by directors last week. Three stocks that recorded such deals were Chevalier International, Sino Distillery and China Mobile.

Chairman Chow Yei-ching recorded his first trade in construction firm Chevalier since January last year. He bought 1.659 million shares on July 9 at HK$14.05 each. The trade raised his holdings to 171.17 million shares or 60.83 per cent of the issued capital. The purchase came after a 51 per cent rise in the share price since September last year from HK$9.30.