Bank of Communications executives snap up shares

Bank of Communications Co said 13 of its executives have purchased 563,100 of its shares on the open market in Shanghai, a move analysts said was intended to boost confidence amid a bear market atmosphere for bank stocks.

The bank's shares have fallen 18 percent over the past 12 months.

Bank of Communications, the nation's fifth-largest lender, announced on Wednesday night that the executives and directors used their own funds to buy the shares on Tuesday and Wednesday at prices between 3.75 yuan (60 cents) and 3.77 yuan, spending at least 2.1 million yuan in all.