points to a new record high 9326.60 in relatively light trading.

The Bank of Bermuda was the market leader for the second straight week, increasing from $37.50 to $38 on volume of 5,409 shares.

The Exchange's total value of shares traded was $257,634.75 on volume of 11,903, down markedly in activity to last week when the value of shares traded was $824,052. No bonds were traded.

The Bank of Bermuda's recent strong performance -- its shares were valued at 36.75 three weeks ago -- took some of the shine off the Bank of Butterfield's astronomical success this year.

The rival bank, which has seen its shares increase in value by 82 percent this year, held steady at $25 on volume of just 200 shares.

Bermuda Commercial Bank, which released improved financial results this month, held steady at $7 on volume of 750 shares.

Retailer Masters Ltd. climbed 25 cents in value to $8.75 on volume of 3,126 in one of the heaviest trades of the day.

In the local insurance sector, Argus Ltd. held at $11.25 on volume of 302 shares while BF&M Ltd. held at $8, with 1,116 shares trading.

No members of the exchange saw the value of their shares decrease.

Analysts attributed the quiet trading to the holiday period and to the short week, noting some investors were also off the Island for Christmas.

But they predicted an increase in volume at the start of 1993 and said that if the bank stocks continued to improve in value, it was possible the market would reach 1,000 for the first time ever.

The full exchange results are on Page 11.