Sri Lanka’s share market picks up on telecom deal

April 22, 2008 (LBO) – Sri Lankan stocks open higher with a 34 million share deal in Dialog Telekom that boosted turnover to 712.7 million rupees in early morning trading. Approximately 34,416,500 shares were traded at 16.50 rupees, brokers said.

The deal went through in two ten million chunks, two 4.5 million and a five million block with the rest of the shares being traded in lower quantities.

The Dialog deal added over 567.8 million rupees to the total turnover Tuesday.

Colombo Stock Exchange’s All Share Index was up 0.59 percent (15.70 points) at 2,678.63 points while the Milanka Index shed 0.05 percent (1.56 points) at 3,318.13 points.

Interest in Sri Lanka Telecom was lower with the share losing 50 cents at 48.75. .