DBS Group Holdings, down 9.28% for the day, spent $39.1 million to buy back 1 million shares

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%.

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 F34, 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.