Share buybacks reach nine-month high at $51.5m

More than 13 million shares were repurchased by 18 companies in June.

The total value of share buybacks in Singapore's local market exchange has hit its nine-month high in June,

According to the latest figures from the SGX My Gateway, more than 13 million shares were repurchased by 18 companies in June, with total buyback consideration at $51.5m. This was up 5.9% from $48.6m in consideration for May 2017.

The five stocks with the largest buyback consideration value in May included two STI stocks. The five stocks were Oversea-Chinese Banking Corp (OCBC), SIA Engineering Company, Singapore Post, Hi-P International and Telechoice International.

For a fourth consecutive month, OCBC had the highest buyback consideration for the month, taking the total number of shares purchased under the 12 month mandate (effective 28 April) to 7.2 million shares.