Opinion | Paper firms take centre stage for director acquisitions
Two executives at Country Garden also increase their holdings amid a 22pc gain in share price
Buying and selling of their own company shares by directors was high last week, with 31 firms reporting 134 purchases worth HK$134 million and 16 reporting 70 disposals worth HK$102 million.
The number of companies and trades on the buy side was consistent with the previous week's four-day totals of 26 companies and 115 deals, but the value was sharply down from HK$192 million.
On the sell side, the figures were down from 18 companies that reported 80 disposals worth HK$310 million.
There were heavy insider purchases in paper product manufacturers Lee & Man Paper Manufacturing and Nine Dragons Paper last week.
Chief executive Lee Man-bun recorded his first trades in Lee & Man since April 2007, with 2.36 million shares bought from September 30 to October 3 at an average of HK$4.60 each. The trades increased his holdings to 0.62 per cent of the issued capital.
The purchases were made on the back of a 27 per cent drop in the share price since April from HK$6.27. Despite the fall, the counter is still up since October 2011 from HK$2.24.
Investors should note that the group bought back heavily earlier this year with 60.2 million shares purchased worth HK$308 million from January to June at an average of HK$5.12 each. Those were the company's first buy-backs since listing in September 2003.
