S Alam Cold Rolled tops gainers’ chart at DSE

S Alam Cold Rolled Steels, a subsidiary of S Alam Group long in the spotlight over financial troubles, emerged as the top gainer at the Dhaka Stock Exchange (DSE) yesterday, with its share price jumping 9.94% to close at Tk19.90.

The rally pushed the stock to the top of the day's gainers' list, outpacing several heavyweight companies. Other notable gainers were Robi, up 8.36%, Shinepukur Ceramics, advancing 6.93%, and Shahjibazar Power, rising 6.50%, according to DSE data.

The overall market, however, slipped slightly. The benchmark index DSEX shed 8.6 points to close at 5,628, down from 5,636 in the previous session. In contrast, the blue-chip DS30 index inched up 3.88 points to settle at 2,191. 

Out of the 397 issues traded, 127 advanced, 223 declined, and 47 remained unchanged.

At the bourse, sector-wise performance at the bourse was mixed, with travel gaining 3.6%, services up 2.5%, and telecom advancing 2%. In contrast, life insurance fell 3.2%, paper declined 2.9%, and jute dropped 2.6%.

Trust Islami Life Insurance led the losers, plunging 9.98%, followed by Prime Islami Life Insurance, which fell 6.95%, Safko Spinning, down 6.71%, and Padma Life Insurance, which shed 6.49%.

Turnover remained strong but dipped 2.8% to Tk1,400 crore compared to the previous session. Robi dominated the turnover chart with shares worth Tk74.37 crore changing hands, followed by Khan Brothers PP Woven Bag at Tk35.73 crore and MJL Bangladesh at Tk26.78 crore.

In its daily review, EBL Securities said the market lost momentum as profit-taking selloffs cut into recent gains, leaving trading mildly volatile throughout the day. Despite strong participation, sellers dominated in the late hours as cautious investors opted to lock in profits.

Meanwhile, the Chittagong Stock Exchange (CSE) defied the broader market trend, finishing positive. The CSCX rose 24.2 points, while the CASPI gained 48.1 points.