KARACHI, June 16: The Karachi Stock Exchange (KSE) suspended provisional trading in shares of United Bank Limited (UBL) w.e.f. Thursday, June 16. In a notice issued on Thursday, the Exchange said that since balloting for allotment of shares of UBL had not taken place, the KSE Board had decided to suspend trading till the bank was formally listed on the Ready Board.

Analysts said earlier that the UBL Initial Public Offering of 51.8 million shares had been undersubscribed. A total of 109,310 applications were understood to have been received for 21.9 million shares, contributing to 42 per cent of the total size of the offer. Each applicant had been offered 200 shares for Rs10,000 at Rs50 each.