The Index closed down 2.99 percent to 1,451.02 on volume of 60,398 shares worth $1.333 million. The bond market was busy with 174,165 units valued at $164,585 changing hands.

Three equities advanced while two fell, with the Bank of Bermuda dropping $1.95 or seven percent to $28 on volume of 27,101 shares while KeyTech Holdings -- owners of the Bermuda Telephone Company and Logic Communications -- fell $1.50 or five percent to close at $29.50 on volume of 7,610.