than one percent in heavy trading yesterday.

The Exchange Index closed down 12.75 points or 1.07 percent to close at 1173.89 on volume of 37,806 shares worth $722,405.

The bulk of trading took place in Bank of Bermuda shares which closed down 50 cents to $22.50 as a single holding of 23,599 shares were sold to a number of buyers.

Bank of Butterfield shares closed down 25 cents to $32.75 on volume of 833 shares and Commercial Bank shares were off 12.5 cents to $11.875 on volume of 5,764.

In other trading, BF&M nine percent shares gained 12.5 cents to close at a high for the year of $10.125 on volume of 4,300 and BELCO went up by the same amount to close at $19.875 on volume of 2,310.

Chips Ltd. was unchanged at $6.25 on volume of 1,000 shares.

Monday's weekly stocks chart incorrectly stated that the Exchange Index closed down 46.78 points or 4.29 percent for the week at 1186.64.

In fact, the Index closed up 24.6 points or 2.26 points.

Chart -- Page 11