Stock Exchange (BSX) is likely to fall well short of two previous years, according to BSX figures obtained by The Royal Gazette .

Total trading value "up to and including yesterday was $31.6 million,'' said BSX chief operating officer Mr. Greg Wojciechowski.

Though well above the $16.5 million traded in 1992, the amount is well off the $78 million and $60.3 million in securities traded in 1993 and 1994 respectively.

Despite a sluggish first two-thirds of 1995 -- when trading volume was $23 million -- numbers have picked up slightly since the end of August.

The highest month so far this year was October when about $4 million worth of securities traded while about $1.5 million of stocks have been traded so far this month.

Declines in the first eight months of the year were linked to uncertainty created by the Referendum but financial analysts now say continued reports of declining tourism -- a barometer of the health of the Island -- are hindering increased volumes.

Exchange CEO Mr. William Woods said earlier this year he anticipated trading would pick up in the last four months of the year.

GulfStream Securities Ltd. financial analyst Mr. Huw Williams, who last week hosted a series of general investment seminars, said that of the 80 residents in attendance many "were not confident'' in the local market.

"We do hear negative publicity about tourism,'' he said.

If people feel Bermuda's future is one of decline they are apt not to invest here, but if they feel it has a bright future they will continue to look at the local options, he said.

It is possible investors have not yet fully recognised that though tourism is declining, international business is growing, he said.

Since the latter also has a bearing on the health of the economy, it could lessen investor uncertainty, he said.

"Liquidity in Bermuda depends on tourism and money earned in Bermuda has the opportunity to stay in Bermuda and be invested in Bermuda,'' said Bermuda Investment Advisory Services Ltd. financial analyst Mr. Mark Melvin.

"People may be looking at the local market and deciding it is not a good place to invest,'' he said.