Shares of Singapore budget carrier Tiger Airways Holdings rose almost 4 percent on Friday after its chairman, Joseph Yuvaraj Pillay, bought 200,000 shares in the company at SGD$0.73 (USD$0.58) each.
"Yesterday they made an announcement that the chairman doubled his stake in Tiger Airways. That gives the market a boost of confidence," said Daniel Lau, an analyst at CIMB Research.
"Tiger can also be considered a laggard in the current market rally. Investors are also starting to see that operationally, Tiger has been seeing a lot of improvements," he added.