Geek+ Tech tumbles over 8% amid share buybacks

Geek+ Technology-W (2590.HK) tumbled more than 8% during regular trading to HK$10.42.

The company has been actively buying back shares to boost market confidence. On July 8, it spent about HK$4.56 million to repurchase 400,000 shares, and on July 7, it used approximately HK$4.69 million for another 400,000 shares. In June alone, the firm bought back a total of 2.62 million shares on the open market at a cost of roughly HK$30.45 million. Morgan Stanley recently maintained its "buy" rating on the stock with a target price of HK$29.00.