Both the All Share and Milanka price indices on the Colombo bourse yesterday posted their sharpest declines this week with the All Share losing 27.43 points (0.93%) and the Milanka 27.87 points (0.83%) with Commercial Bank and the Ceylon Brewery generating over half the day’s business.

Turnover was moderate at Rs.580.9 million, down from the previous day’s Rs.711.1 million, with losers strongly outpacing gainers by 77 to 35.

ComBank, where Raj Rajaratnam’s Galleon Fund is believed to be the seller, saw over 1.4 million shares traded between Rs.175 and Rs.177 losing 25 cents to close at Rs.175.25 generating Rs.251.5 million turnover.

Brokers said that a large parcel of 1.2 million, one of 100,000 and one of 87,000 were among the quantities traded at Rs.175 and speculated that the smaller parcels may have been bought locally.

Ceylon Brewery with slightly over a million shares done between Rs.80 and Rs.82 closed flat at Rs.80 with analysts pointing out that the transaction may have been in-house among controlling parties.

There was no confirmation however but one broker commented that "not many people have those quantities."

The big Brewery parcels of 800,000 and 200,000 traded at Rs.80 while some smaller quantities in the hundreds later traded at Rs.82 and Rs.81.

Other big trades for the day included Sunshine Holdings which closed flat at Rs.150 on 0.3 million shares traded at that price and over 0.2 million JKH closing flat at Rs.143.50 on a trading range of Rs.141 to Rs.143.50.

Vallibel Power saw nearly 4.9 million shares done and closed flat at Rs.5 although some quantities were traded at a price of Rs.5.25.

Both Dockyard and Chevron gained – Dockyard, up Rs.1.50 to Rs.187.25 on 73,600 shares and Chevron, up a rupee to Rs.207 on 53,800 shares.

NDB gained a rupee to close at Rs.180 on 35,300 shares while Royal Ceramics was down a rupee to Rs.58.50 on nearly 0.2 million shares done between Rs.58 and Rs.59.50.