Blue-chip listcos scoop up more shares; Singapore market shows signs of recovery on pause to Trump tariffs

[SINGAPORE] Constituent companies on the Straits Times Index (STI) lost no time in picking up their own shares after the benchmark index tanked on US President Donald Trump’s tariffs.

The baseline 10 per cent tariffs, which kicked in over the weekend, caused major markets in the West and the region to collapse when trading started on Monday (Apr 7).

Over the past three days, most of the STI’s 30 constituents dived – except for Singtel which recovered slightly on Wednesday morning. On Thursday morning, all STI constituents bounced back after Wall Street rallied almost 8 per cent overnight.

Dow Jones index’s dramatic comeback came on Trump’s delay of the steep reciprocal tariffs hours after they kicked in. The STI was up 6.6 per cent or 224.2 points at 3,617.89 points by 9.08 am on Thursday. This was still 5.4 per cent lower than that of Apr 4, when it closed at 3,825.86.

These are some of the major buybacks reported by STI companies so far this week:

DBS bought back and cancelled one million shares for S$39.1 million at the price range of S$36.31 to S$40.32 per share on Monday, and then 500,000 shares for S$19.1 million at a range of S$37.86 to S$38.53 on Tuesday. On Wednesday, it spent a total of S$26.1 million to repurchase and cancel 700,000 of its shares at a price range of S$36.88 to S$37.86. This comes on the back of the lender’s S$3 billion share buyback programme announced in November 2024. The counter closed Wednesday 2.2 per cent or S$0.84 lower at S$37.16.

UOB on Monday repurchased 100,000 shares for S$3.3 million, between S$29.68 and S$34.21 each, cancelling 50,000 of them and holding the remaining half in treasury. On Tuesday, it picked up a second tranche of 100,000 shares for S$3.2 million at a range of S$32.01 to S$33.67, cancelling half the shares and holding the rest in treasury. On Wednesday, it bought back a third tranche of 100,000 of its shares for S$3.1 million at a price range of S$30.71 to S$31.38, cancelling half and storing the rest in treasury. Shares of UOB settled 3.5 per cent or S$1.14 lower at S$30.99 on Wednesday.

Among index stocks that picked up shares was bourse operator Singapore Exchange. The bourse said it spent S$1.8 million buying back 150,000 shares at S$11.86 to S$12.15 each on Monday, and another S$1.8 million repurchasing a second tranche of 150,000 shares at S$11.84 to S$12.05 per share on Tuesday. All its repurchased shares were stored in treasury. On Wednesday, it scooped up 150,000 shares for around S$1.8 million at a price range from S$12.08 to S$12.15, storing all the repurchased shares in treasury. The counter ended 0.8 per cent or S$0.10 higher at S$12.12 on Wednesday.

ST Engineering on Monday paid between S$6.16 and S$6.36 per share, or a total of S$3.1 million, to repurchase 500,000 shares. The defence and engineering group is one of the biggest blue-chip gainers year to date with a gain of more than 40 per cent. The counter fell 0.6 per cent or S$0.04 to S$6.30 on Wednesday.

CapitaLand Investment bought back 12,000 shares on Tuesday for a total of S$29,816.96 at S$2.48 apiece and three million shares on Wednesday for a total of S$7.3 million at a price range of S$2.43 to S$2.44 per share. All repurchased shares were held in treasury. The counter finished Wednesday 3.2 per cent or S$0.08 lower at S$2.40. 

Venture Corporation bought back 50,000 shares at an average price of S$10.88 each, spending more than S$544,000 on Monday. It spent more than S$161,660 to repurchase another 15,000 shares on Tuesday at S$10.76 each. It said all the repurchased shares were cancelled. On Wednesday, it spent another S$104,196.10 to repurchase and cancel 10,000 shares at S$10.41 apiece. The counter closed 4.7 per cent or S$0.51 lower at S$10.40 on Wednesday.

City Developments Ltd on Tuesday said it is seeking shareholders’ approval for a share purchase mandate that will allow it to buy back up to 10 per cent of its ordinary shares and a maximum of 10 per cent of its preference shares. The counter shed S$0.13 or 2.9 per cent on Wednesday at S$4.35.

National carrier Singapore Airlines on Monday repurchased 500,000 shares at a range of S$6.04 to S$6.27 per share, spending about S$3.1 million in total. On Tuesday, it bought back another 500,000 shares for some S$3 million at a range of S$5.97 to S$6.10 each. All its repurchased shares were held in treasury. On Wednesday, it bought back 522,500 shares at a price range of S$5.91 to S$6.05 for a total consideration of S$3.1 million, storing all repurchased shares in treasury. The counter declined 0.8 per cent or S$0.05 to S$5.99 on Wednesday.

China vesselmaker Yangzijiang Shipbuilding on Monday bought back two million shares at S$1.85 to S$1.90 each for a total of S$3.8 million. On Tuesday, it bought back three million shares at S$1.90 to S$1.91 per share for a total of S$5.7 million. On Wednesday, it picked up another one million shares at S$1.85 apiece for a total sum of S$1.9 million. The counter fell 1.6 per cent or S$0.03 to S$1.87 on Wednesday. It said that all purchases will be added to its treasury shares.