The Royal Gazette/Bermuda Stock Exchange dropped 128.88 points yesterday with BF&M, Belco and KeyTech all hit with major declines.

The BSX closed at 3,685.50, down 3.38 percent from Monday.

KeyTech shares had the highest percentage drop after 6,500 were traded. It plunged 19.83 percent ($2.35) to close at $9.50, a new 52-week low.

Also falling in the utilities sector was Belco which dropped $1.75 (9.72 percent) to close at $16.25 after 1,300 shares changed hands.

Bermuda Aviation Services dropped 11.76 percent ($0.60) to close at a new 52-week low of $4.50 after 300 shares moved.

In insurance stocks, BF&M was hit with a 9.09 percent drop ($1.70), closing at $17 after 200 shares traded while Argus shares fell slightly, $0.15 (1.33 percent), to close at $11.10 after 800 traded.

While 424,100 shares of Butterfield Bank were traded yesterday, the banks stock closed unchanged at $12.

The Bermuda Insurance improved 2.97 percent to close at 777.35.