The Royal Gazette/Bermuda Stock Exchange Index fell 126.149 points or 4.91 percent last week to close at 2,568.59. A total of 14,820 shares worth $358,171.60 were traded.

The two biggest losers were the Island's two largest banks. The Bank of Bermuda fell $2.40 or 5.39 percent to close at $42.10 on volume of 1,157 shares. The Bank of Butterfield fell $2 or 6.15 percent to close at $30.50 on volume of 5,500 shares.

In the insurance sector, BF&M Ltd. fell $1 or 8.33 percent to close at $11 on volume of 463 shares.

Belco Holdings Ltd. fell 50 cents or 1.61 percent to close at $30.50 on volume of 4,000 shares.

The sole stock to gain for the week was Watlington Waterworks which gained 5 cents or 1.43 percent to close at $3.55.