Stocks at new life high

COLOMBO: Stocks rose to a new life closing high yesterday as local investors snapped up telecom blue chips Dialog Telekom and Sri Lanka Telecom, traders said.

The Colombo All Share index rose a provisional 2.47 percent to 2,777.73 points, surpassing the previous life closing high of 2,713.94 points hit on Tuesday.

Dialog Telekom , the bourse's most heavily-weighted share, rose a provisional 7.13 percent as calculated on a weighted average to 27.32 rupees a share on news it has acquired a cable TV network.

"The market is very active with local (buying)," said Susil Fernando, investment advisor with DFCC Stockbrokers in Colombo.

"People are bit more confident, mainly in blue chips."

The day's turnover was 961.88 million rupees ($8.9 million), three times the daily average so far this year.

The Colombo Stock Exchange has risen around 44 percent so far this year, as investors look for higher returns than bank deposits offer and local companies post solid earnings.

Leading fixed line telephone operator Sri Lanka Telecom closed 1.75 percent higher at 29.01 rupees a share while conglomerate John Keells Holdings closed 0.41 percent higher at 190.79 rupees a share.