SNBL reports insider transaction worth Rs. 17.6mn

In a notification sent to the PSX on 25/03/2024. Soneri Bank Limited (SNBL) reported a transaction by the spouse of one of its non-executive directors.

The transaction was carried out by Mrs. Aziza Feerasta, who is the wife of the late Mr. Alauddin Feerasta.

She bought a total of 1,845,000 shares of the company at a price of Rs. 9.56 per share. The total amount for this transaction stands at Rs. 17,638,200.

The transaction was carried out on 22/03/2024.

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.

SNBL shares closed at Rs. 9.55 today.