where stocks in the banks and services saw most of the trading.

The index closed down nearly 289 points to 1,401.32 - down 2.06 percent on a volume of 75,642 shares worth $1.91 million.

The drop was mainly due to Bank of Bermuda and Bank of Butterfield stock dipping in price. The Bank of Bermuda lost 50 cents to close at $28, while Bank of Butterfield hit its 52 week low of $15.00 after dropping 25 cents.

The year-end results of BF&M pushed up stock 3.45 percent for 25 cents to $7.50. Argus Insurance fell 25 cents to $17.00 and Belco also lost 10 cents to close at $19.90.