Sri Lanka shares end up 0.4-pct

June 03, 2011 (LBO) – Sri Lankan shares ended higher after four days of falls with trade dominated once again by Colombo Land & Development Company, brokers said. The main All Share Price Index closed at 7,406.02, up 0.41 percent (30.12 points) while the more liquid Milanka index rose 0.11 percent (7.43 points) to close at 6,857.40, according to stock exchange figures.

Turnover was 4.1 billion rupees.

Colombo Land & Development Company, which owns Colombo’s Liberty Plaza, and People’s Park shopping complexes, closed at 51 rupees, up 4.70 or 10 percent with 30.2 million shares changing hands and being the biggest contributor to the day’s turnover.

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

Colombo Land said in a stock exchange filing that on Thursday Imagewise sold 14.5 million shares of its shares at 43.50 rupees and Kalpitiya Beach Resort bought 20.35 million shares at an average price of 43.59 rupees.

The company’s board has resigned with N H Godahewa replacing R R Tudawe as chairman.

There was a crossing of a million shares of Royal Ceramics Lanka at 165 rupees each. The stock closed at 160.40, down 1.80.

Laugfs Gas was also heavily traded, closing flat at 50 rupees with over 5.9 million shares done.