Opinion | Blue-chip chiefs keep hands in pockets after buying spree
Directors double down and cash out as internal stock purchases slow for second week
Directors bought fewer of their own company shares for the second straight week in the last full week of April, according to filings to the stock exchange, after seven weeks of increased buying.
Selling, on the other hand, rebounded, with 15 companies recording 58 disposals worth HK$128.5 million. The number of companies reporting disposals was up from 13 in the previous week, and their value was up from HK$62.8 million, but the number of transactions was slightly down from the previous week's 64 disposals.
Chairman Lee Shau-kee of blue chip Henderson Land Development led the buyers for the third straight week, picking up 1.38 million shares worth HK$75.75 million from April 16 to 18, at an average of HK$54.77 per share. The trades increased his holdings to 1.534 billion shares, or 63.54 per cent of Henderson's issued capital.
That brought his purchases since the last week of March to 20.6 million shares worth HK$1.097 billion. Lee's trades in the past five weeks accounted for 22 per cent of the blue chip's trading volume. The stock closed higher from Lee's average purchase price since March of HK$53.28 at HK$56.20 on Friday.
Another director who bought heavily last week was the president and chief executive of consumer products exporter Li & Fung, Bruce Rockowitz.