another 38.27 points or 2.31 percent to close at 1,622.09.

The index has fallen daily since last week Wednesday and cumulatively lost nearly 100 points or almost six percent in that time span.

Yesterday's decline was again led by bank shares, as three issues on the Exchange traded, all lower. A total of 63,197 shares, valued at $1,203,737.50, changed hands.

Bank of Bermuda closed down $1 at $37 on a volume of 4,000. The Bank of Butterfield closed at $17, down 50 cents on a volume of 50,008. And Belco Holdings Ltd. closed down $1 at $23.50 on a volume of 9,189.