CEO’s share pur­chase sends S’pore stock to 10-year high

The Star Malaysia - StarBiz - - Foreign News -

SIN­GA­PORE: Sin­ga­pore’s Ven­ture Corp re­ceived a boost from its chief ex­ec­u­tive of­fi­cer Wong Ngit Liong yes­ter­day – the stock soared as his S$6.1mil pur­chase of 400,000 shares in­spired the mar­ket to fol­low suit.

Shares of the elec­tron­ics ser­vice provider rose as much as 10% yes­ter­day to its high­est level since Oc­to­ber 2007. This is the sec­ond time Wong has pur­chased shares in re­cent months. He bought 166,300 shares for S$2.08mil in July, ahead of Ven­ture’s sec­ond-quar­ter re­sults which recorded a 61% in­crease in net in­come.

“The buy­ing sends a good pos­i­tive sig­nal, and the mar­ket is spec­u­lat­ing that maybe third-quar­ter re­sults could even be bet­ter than the sec­ond-quar­ter re­sults, which means that the street con­sen­sus is too low,” Jar­ick Seet, head of small and mid-cap re­search at RHB Re­search In­sti­tute Sin­ga­pore Pte said by phone.

Yes­ter­day’s rally has pushed Ven­ture’s ad­vance this year to al­most 70% and all seven an­a­lysts sur­veyed by Bloomberg rate the stock a buy. — Bloomberg

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