GEMBLUEX director buys stock worth over Rs 4.7 million

In a notification sent to the PSX on 08/05/2024, Blue-Ex Limited (GEMBLUEX) reported a transaction by the non-executive director.

The transaction was carried out by Mr. Danish Elahi, who is a non-executive director.

He bought a total of 730,000 shares of the company at a price of Rs. 65.00 per share. The total amount for this transaction stands at Rs. 47,450,000.

An insider buying stock in a company is often interpreted as a positive signal by investors. It suggests that those with intimate knowledge of the company’s operations and prospects believe the stock is undervalued or poised for growth, leading to a positive impact on the stock price.

GEMBLUEX shares were last trading at Rs. 28.62 today.