slightly in moderate trading yesterday.

The Exchange dropped .89 points to close at 1192.48 as Telco closed at $39.125 on volume of 930 shares.

Bank of Bermuda 9% notes -- which are not a component of the Index -- dropped 50 cents to close at $107.50 on volume of 524,000. the notes are sold in batches of 100.

Trading in Bank of Bermuda shares remained active, with 3,707 shares trading unchanged at $22.50. Commercial Bank shares also traded unchanged at $10.50 on volume of 300 while Belco shares were unchanged at $20 on volume of 150.