Investors in the Colombo stock market were subdued yesterday in anticipation of the 2021 Budget to be presented in Parliament today. 

Both indices fell, with ASPI down over 5 points and S&PSL20 down by over 14 points whilst turnover was below par at Rs. 1.4 billion.

“Investors stood by the sidelines, ahead of the 2021 Budget reading, fueling the downfall of the market for the third consecutive session,” First Capital said. 

It said index experienced a gradual downward movement since the beginning of the session as it hit its intraday low of 6,065 during mid-day. Later market experienced a slight uptrend and closed at 6,077 losing 6 points. 

Turnover for the session was led by the Capital Goods sector, closely followed by the Materials and Food and Beverage sectors, making a combined contribution of 59%. Moreover parcel trades boosted the turnover for the session amounting to 14%. 

First Capital also said the market completed four weeks of continuous net foreign outflow while recording low participation. Net foreign selling was Rs. 26 million, low in comparison to Rs. 133 million on Friday.

NDB Securities said the ASPI edged down as a result of price losses in counters such as Richard Pieris & Company, Sri Lanka Telecom and Ceylon Cold Stores.

It said high net worth and institutional investor participation was noted in Ceylon Tobacco Company, Richard Pieris and Company, and Aitken Spence. 

Mixed interest was observed in Sampath Bank, Hemas Holdings and Dipped Products, whilst retail interest was noted in Expolanka Holdings and Tokyo Cement Company non-voting and voting. 

The Capital Goods sector was the top contributor to the market turnover (due to Hemas Holdings), whilst the sector index lost 0.19%. The share price of Hemas Holdings gained Rs. 2.70 (3.53%), closing at Rs. 79.10, whilst foreign holdings decreased by 1,249,904 shares.

Materials sector was the second highest contributor to the market turnover (due to Dipped Products), whilst the sector index edged up by 0.03%. The share price of Dipped Products recorded a loss of Rs. 1 (0.31%) to close at Rs. 323.10.

Expolanka Holdings, Sampath Bank and Ceylon Tobacco Company were also included amongst the top turnover contributors. The share price of Expolanka Holdings increased by Rs. 0.30 (1.17%) to close at Rs. 26. Moreover, the share price of Sampath Bank moved down by Rs. 0.60 (0.48%) to close at Rs. 124.40, whilst the share price of Ceylon Tobacco Company declined by Rs. 5.30 (0.55%) to close at Rs. 960. Separately, Asia Siyaka Commodities announced an interim dividend of Rs. 0.05 per share.

Govt.’s first Budget to Parliament today