AsiaScores.com: Lowest Sentiment Score Since January 2000
AsiaScores
May 22, 2001
Lowest Sentiment Score Since January 2000
The Hong Kong insider sentiment fell to -44.2 points for the week ending May 18, 2001, down by 32.8 points from the previous week's close of -11.4 points. The bearish score last week was the lowest sentiment score since January 2000. The index ended in negative territory for the fourth consecutive week with an average close of -28.7 points. The negative score last week was due to a sharp fall in the buy value and an across the boards rise in the sell factors.
Three of the four buy factors, namely number of transactions, companies, and directors, recorded increases of between 6.8 to 19.4 per cent from their 12-week averages. The largest rise was in the number of companies with insider acquisitions recorded in 24 firms, up by more than 19 per cent from the 12-week average of 20.1 companies. The number of transactions and directors also rose by 6.8 per cent and 14.3 per cent, respectively, to 65 trades and 24 buyers from their 12-week averages of 60.88 transactions and 21 directors. The only buy factor that fell was the buy value. Acquisitions worth $27.97 million were recorded last week, down by more than 46 per cent from the 12-week average of $52.34 million.
Sellers were active with the four sell factors recording increases of between 71.3 to 181.0 per cent from their 12-week averages. The largest rise was in the number of transactions with a total of 63 disposals last week, up by 181 per cent from the 12-week average of 22.42 trades. The sell value also rose sharply to $49.8 million last week, up by more than 131 per cent from the 12-week average of $21.5 million.
Low Company Buybacks Value Last Week
The value of company buybacks amounted to a paltry $3.47 million worth of repurchases were recorded for the week ending May 18, 2001, down by more than 80 per cent from the previous week's total of $17.92 million. The number of companies and transactions also fell to 10 firms and 22 trades, down by 28.6 per cent and 48.8 per cent, respectively, from the previous week's totals of 14 companies and 43 transactions.
Financial services provider Celestial Asia [1049] was one of the top buyers in terms of value last week with acquisitions worth $590,000 in six separate transactions. The group bought back 2.964 million shares from May 14 to 16 at prices ranging from 19.3 to 20.3 cents per share. The shares bought back represented nearly 45 per cent of the stock's trading volume during that three-day period. Celestial also repurchased 5.804 million shares from April 4 to 17 at prices ranging from 17.2 to 20.2 cents per share. The company's share price reacted positively to the company's repurchases last month with the counter rising to as high as 21.5 cents per share on April 20, up by more than 16 per cent from the group's average buyback price of 18.5 cents per share.
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