HBM Holdings, a Hong Kong-based company, saw its shares surge 5.38% in pre-market trading on Thursday. The stock rally can be attributed to the company's announcement of a share repurchase program.
According to a release, HBM Holdings plans to buy back up to HK$40 million worth of its shares on the open market. Share buybacks are typically viewed as a positive sign, indicating that a company believes its stock is undervalued and wants to provide support by reducing the number of outstanding shares.
The share repurchase program reflects HBM Holdings' confidence in its future prospects and commitment to enhancing shareholder value. With the buyback announcement acting as a catalyst, investors bid up the company's stock in pre-market trading on Thursday.
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