As the Straits Times Index dropped 7.46% on April 7 no thanks to worries over the ramifications of the trade war, various component stocks responded by buying back their own shares.
DBS Group Holdings, which plunged 9.28% for the day, paid between $36.31 to $40.32 each to buy back 1 million shares, spending $39.1 million.
Yangzijiang Shipbuilding paid between $1.85 to $1.9 for 2 million shares, or $3.75 million in total. The China-based, Singapore-listed shipbuilder lost 11.52% for the day.
United Overseas Bank, which suffered a drop of 6.29% for the day, paid between $29.68 and $34.21 each for 100,000 shares, spending some $3.33 million.
Singapore Technologies Engineering, the best-performing STI component stock year to date with a run of more than 40%, suffered a 7.03% drop on April 7. It paid between $6.16 and $6.36, or $3.13 million, to buy back 500,000 shares.
SGX Group, meanwhile, paid between $11.86 and $12.15, or $1.81 million, for 150,000 shares. SGX closed at $11.79, down 9.45%.
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Venture Corp paid an average of $10.88 to buy back 50,000 shares, spending just over $544,000. The manufacturer dropped 8.88% for the day.
Besides companies buying back shares, controlling shareholders raised stakes too. Kuok Khoon Hong of Wilmar International , which is already buying more shares regularly, used various vehicles he controls to buy 598,9000 shares, paying an average of $3.018 for a total of $3.33 million. Wilmar closed at $3.08, down 5.81% for the day.
