The Royal Gazette / Bermuda Stock Exchange Index fell below 1,400 points for the first time in nearly ten years after a dip of almost two percent last week.

The biggest decliner was KeyTech Ltd., the owner of Bermuda Telephone Company, which fell $1.30, or 14.2 percent, to close on a 52-week low of $7.85 on Friday, as 4,300 of its shares were traded.

The only other mover was insurer and pensions provider BF&M Ltd., which slipped five cents, or 0.3 percent, to $14, on the exchange of 2,000 shares.

By far the heaviest trading activity was focused on Butterfield Bank, which remained unchanged on $1.45, as 260,000 of its shares changed hands.

Butterfield is due to open a rights offering this week which will give qualifying shareholders the opportunity to buy shares at $1.21 each.

The Index fell 2.56 points, or 1.9 percent, to 1,395.32. Volume was just shy of 269,000 shares, while turnover, including both Bermuda and US dollar trades was a little more than $493,000.