SNBL reports insider transaction worth Rs 6.6 million

In a notification sent to the PSX on 16/05/2024, Soneri Bank Limited (SNBL) reported a transaction by the executive director.

The transaction was carried out by Muhtashim Ahmad Ashai, who holds the position of executive director. He bought a total of 600,000 shares of the company at a price of Rs. 11.05 per share. The total amount for this transaction stands at Rs. 6,630,000.

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.

SNBL shares were last trading at Rs. 11.10 today.