ADBL rises by whopping 7.07 % although market nosedived by 18.18 points; Broker no. 56 buys ADBL shares worth Rs 92.59 lakhs

On Sunday, October 11, 2015, Agricultural Development Bank (ADBL) had the second highest turnover worth Rs 4.96 crore. 93,601 units of shares were traded through 272 transactions. The ADBL opened at Rs 495/ unit reaching a high of Rs 544/ unit to close at Rs 530/unit. Broker no. 56 bought 17,378 units of ADBL shares worth Rs92.59 lakhs through 41 transactions. An Official from Broker no. 56 said, “The shares bought today are by individual investors. No mutual funds or institutions have bought the ADBL shares in bulk.” The main reason behind this transaction is due to the circular from Nepal Rastra Bank (NRB) which barred Bank and Financial Institution (BFI) from including preference shares in their capital plan. ADBL has 6% non cumulative irredeemable preference share worth Rs 6.44 arba. So, as per the directive ADBL is short of Rs 4.58 arba to reach the capital of Rs 8 arba. Investors are pouring to buy ADBL shares in hope for higher stock dividend. Thus, ADBL rose by 7.07% while all sectors landed in red and the NEPSE itself was down by 18.18 points!!!