Sri Lanka shares end down 0.2-pct

June 02, 2011 (LBO) – Sri Lankan shares ended weaker Thursday with heavy trading in property firm Colombo Land & Development Company, which got a new board of directors and was the day’s highest gainer, brokers said. The main All Share Price Index closed at 7,375.90, down 0.15 percent (11.25 points) while the more liquid Milanka index fell 0.13 percent (9.09 points) to close at 6,849.97, according to stock exchange figures.

Turnover was 5.0 billion rupees.

Colombo Land & Development Company dominated trading with 67.6 million shares changing hands, adding 2.9 billion rupees to the day’s turnover.

There was a crossing of 1.9 million shares of Colombo Land at 46.40 rupees each. The stock closed at 46.30 rupees, up 8.40 or 22 percent.

A stock exchange filing said the company’s board had resigned with N H Godahewa replacing R R Tudawe as chairman.

Colombo Land & Development Company owns Colombo’s Liberty Plaza, and People’s Park shopping complexes.

In mid-May 2011, Imagewize, a controlling shareholder of listed Citrus Leasure, and Kalpitiya Resorts, a subsidiary, bought a 20 percent stake in Colombo Land from a founder Singapore based shareholder.

Janashakthi Insurance Company was also heavily traded Thursday, closing at 21 rupees, down 20 cents with 10.7 million shares done.

Index heavyweight John Keells Holdings closed two rupees weaker at 300 rupees with 439,000 shares traded.

Laugfs Gas was also heavily traded with 3.4 million shares changing hands, including one crossing of 400,100 shares at 50 rupees each. The stock closed at 50 rupees, up 1.90.