Bermuda stocks largely retreated last week, helping to push the Royal Gazette/Bermuda Stock Exchange Index down 48.232 points to 3,299.61.

More than 34,720 shares worth $1.28 million were traded as declining issues outnumbered advances by five to one.

Telecommunications group KeyTech Ltd. led the way, falling 55 cents or 5.09 percent to close at $10.25 on volume of 1,730 while Butterfield Bank dropped 1.55 percent or 65 cents to close at $41.25 on volume of 26,334 shares.

LOM Holdings Ltd. also fell, going down 6.67 percent or 20 cents to $2.80 on volume of 2,000 shares. And Belco dropped 50 cents or 1.18 percent to $42 on volume of 1,330.

Bermuda Container Line offset the trend, rising 25 cents to close at $12.50 on volume of 950.

Trading unchanged were Bermuda Bakery at $65 on volume of 1,080 and Devonshire Industries at $10.70 on volume of 1,300.

Bermuda Bakery is proving to be one of the stars of the BSX this year. After closing its commercial baking operations last year, it is now almost entirely a real estate holding company. It produced net income of $1,028,641 compared to previous year's loss of $1,547,607 and an operating profit of $135,114 compared to the previous year's loss of $261,708.

It is now trading at a record high of $65 a share, up $25 on its 52-week low of $40, while its price to earnings (PE) ratio is 18.21, the highest on the BSX. Similarly, it is trading at three times its book value, also the highest ratio on the Exchange.