Local stocks fell yesterday, dragged lower by falls in the share prices of Butterfield Bank Bank and KeyTech Ltd.

Telecommunications group KeyTech, owner of the Bermuda Telephone Company and M3 Wireless, fell 70 cents, or nine percent, to $7.05 on the trading of just 400 shares.

Butterfield also suffered a sharp fall on light volume, dipping 10 cents, or 6.7 percent, to close on $1.40, as 9,200 shares changed hands.

Ascendant Group Ltd., owner of electricity company Belco, was the one climber on the Bermuda Stock Exchange. It gained 15 cents, or 1.1 percent, to $13.95, as 800 shares traded.

The Royal Gazette/BSX Index fell 55.15 points, or 4.3 percent, to close on 1,223.52. Volume was 10,400 shares and turnover was $26,860.

The BSX Insurance Index of the Island's leading international insurance companies surged 2.5 percent to close on 948 points.