and jittery investors reacted with a sell off, more so with the Bank of Butterfield.

The falls sent the index tumbling 107.3 points to close at 1,603.24, shaving 6.69 percent off the value of the Index.

Some 462,776 shares valued at more than $9 million shares traded hands as investors sold about $6.3 million worth of Bank of Butterfield stock, which fell $2.13, or 11 percent in value, to close at $16.63. Bank of Bermuda fell $2.50 or six percent in value to close at $36.50.

Bank of Butterfield announced last week it was taking an extra $33 million charge as reserves against profits for bad loans in the London market. Bank of Bermuda suffered a set back when its private bill to seek exemption from the Island's rule requiring 60 percent Bermudian ownership failed to make it past the committee stage.

The bank had wanted to list on the US stock market NASDAQ and the stock had run up on the expectation that the price could go further when the shares were traded in the UIS.

Bermuda Commercial Bank meanwhile gained 13 cents to close at $5.63. Bermuda Home gained 25 cents to close at $10.50.

Millennium International gained 13 cents to close at $3.75. Belco Holdings fell $1 to close at $23.50. SAL preference shares fell 38 cents to close at $8.13.

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