The Bermuda Stock Exchange (BSX plunged almost 10 percent last week to hit its lowest level since November 2002.

Over a dismal trading week, The Royal Gazette / BSX Index fell 216 points, or 9.96 percent, to close on 2,166.58.

Weighing on the index was an 18.2 percent plunge in the value of Butterfield Bank. The bank lost $1 to close the week on $4.50, on the trading of a little more that quarter of a million shares.

Elsewhere on the market, there were no advancers and three declines, the most notable of which was insurer Argus Group, which dipped 6.8 percent.

Argus fell 55 cents to close at $7.50 on the trading of 2,000 shares.

Fellow insurer BF&M Ltd. also slipped slightly, shedding 15 cents, or one percent, to close on $15.50, as 600 shares changed hands.

Energy company Belco Holdings Ltd. fell five cents, or 0.3 percent, to $15.95, as 5,125 of its shares traded.

BSX volume was 258,707 shares and turnover was almost $1.3 million.