Turnover on the Colombo bourse topped the billion rupee mark for the second time this week with a Rs.1.73 billion turnover yesterday, up from Rs.0.7 billion the previous day, achieved mainly on telecom stock.

Nearly 49.6 million Dialog and slightly over 14 million SLT were transacted during the day mainly on foreign interest.

"Dialog was mainly foreigner to foreigner while there was foreign buying on SLT up to Rs.24 with local buying thereafter up to Rs.25," a broker said.

This momentum carried both indices upward with the All Share gaining 19.32 points (0.78%) while the Milanka was up 34.16 points (1.08%).

Brokers noted that yesterday’s turnover was one of the highest for this year. Monday’s turnover was mainly on NDB.

Dialog traded between Rs.21.50 and Rs.22 and gained 25 cents on the VWA to close at Rs.22 while SLT traded on a range of Rs.23.75 to Rs.22.50 and was up Rs.1.50 on the VWA to close at Rs.25.25.

JKH was another preferred stock with over 0.9 million shares traded between Rs.149.25 and Rs.151. Trading on this counter was mainly local with high net worth buying interest, brokers said.

"The market is looking unexpectedly good given the billion rupee turnovers on Monday and Thusday focused mainly on the telecom companies and JKH," a broker said.

Other stocks that attracted volume included 0.2 million Distilleries which gained a rupee on the VWA on a trading range of Rs.62 to Rs.64.50 before closing at Rs.64.

Cheaper counters like Laxapana (nearly 0.8 million shares) and one-rupee shares of Ceylon Glass (nearly 1.4 million shares) also attracted interest.

Ceylon Oxygen with just under 95% wrapped up by Specialist Gasses, the new controlling shareholder following its mandatory offer of Rs.242 a share, saw a small quantity of 1,600 shares traded at Rs.245, a gain of Rs.4.75.