Friday by 64.234 points, about five percent, to finish at 1,287.61.

The drop in the Bank of Bermuda and Bank of Butterfield shares, which together account for about 68 percent of the index's weighting, have been the main cause of the decline.

Bank of Bermuda, which accounts for 42.6 percent of the weighting has fallen 37.5 percent in value since a high of $40. Last week the stock fell $3.50, or 12.3 percent in value, to close at $25, matching its previous 52 week low.

Bank of Butterfield has fallen 21 percent in value to $15 at close last week.