Share buybacks plunged 68.4% to $55.1m in June

25 primary-listed stocks repurchased nearly 40 million shares during the month.

Total share buyback consideration dropped 68.4% YoY or 55.3% MoM to $55.1m in June from $174m in June 2018 and $123m in May, according to SGX.

Also read: Share buybacks hit 9 month high of $131.1m in May

A total of 25 primary-listed stocks has repurchased close to 40 million shares in June, led by DBS and OCBC. DBS bought back 0.121% of its shares whilst OCBC had 0.118%. The banks repurchased 0.478% and 0.378% respectively in 2018.

During the same month, Straits Times Index (STI) recovered 6.5%, following a 7% decline in May. All sectors registered gains, with communications, banks and technology stocks leading the market.

STI total return for the first six months of 2019 is at 10.5%, in line with the FTSE All-Share ASEAN Index which rose 10.2% and the FTSE Asia Pacific Index which gained 9.6%.