Swire buys back shares

Swire Pacific has again stepped in to support its lagging share price, this time buying back 700,000 of its class B shares.

According to a stock exchange announcement yesterday, Swire repurchased the shares on Wednesday at prices between $10.60 and $10.65 per share.

Swire has bought back its own stock before. Taking into account the latest move, it has repurchased $564.3 million this year.

Swire shares have been under pressure due partly to difficulties facing associate Cathay Pacific Airways.