Shares of Hongkong Land Holdings Ltd fell 4.2% on Friday, closing at $8.18. The decline followed a recent rally that had pushed the stock to a decade-high of $9.12 earlier in the week. Trading volume remained elevated during the session.
Buyback Activity Continues
Despite the share price drop, the company continued its share repurchase program. Regulatory filings showed it bought back 170,000 shares for cancellation at an average price above Friday's closing level. This activity is part of a recently enlarged $650 million buyback authorization, which management has indicated will be executed based on market conditions.
Eyes on Upcoming Financials
Investor attention is now firmly on the company's annual results, scheduled for release on March 5. The report is expected to provide further details on the capital allocation strategy and the progress of the buyback initiative. The recent price volatility highlights market sensitivity ahead of this key update.
The stock's pullback also comes after the launch of a new Singapore-focused commercial real estate fund, which had initially provided a boost to investor sentiment. Company executives recently highlighted strong occupancy rates in Singapore's central business district as a positive driver for the new fund's trajectory.
