Opinion | Inside selling extends run in volatile market
But some company chiefs still snap up shares in their firms despite increases in stock price
Buying of their own company shares by directors was low for the fifth straight week and selling was high for the third week in a row, based on filings made to the stock exchange for the period November 19 to 23.
A total of 21 companies recorded 85 purchases worth HK$34.2 million, versus 11 companies that reported 76 disposals worth HK$99.5 million. The number of purchases was up from the previous week's 75 trades, but their value was down from HK$42.6 million previously.
But sales were not far off from the previous week's mark.
Though uncertainty in the market led to heavy selling, the volatile market conditions did not deter several directors from buying shares last week.
Even more surprisingly, four stocks - Brockman Mining, Legend Strategy International, Universal Technologies, and Hengdeli Holdings - recorded insider buys following a rise in their share price.
Non-executive chairman Kwai Sze-hoi recorded his first on-market trades in mining firm Brockman since his appointment in June, with 2.1 million shares bought from November 16 to 19 at an average of 43.4 HK cents each. The trades increased his holdings to 1.531 billion shares, or 21.19 per cent of the issued capital.
The purchases came after the stock rebounded by 13 per cent from 38.5 HK cents on October 31. But the counter is still down from 55 HK cents in June.
