U.S. stocks declined and the financial sector was pummeled again Monday as uncertainty reigned in the wake of the failure of IndyMac Bancorp and the government rescue of mortgage-finance giants Fannie Mae and Freddie Mac.

Global stock markets have gone into a dizzying fall as the collapse of US investment bank Lehman Brothers sparked fears that more bad news is on the horizon for the finance sector and the economy.

During the first session of the week, the Malta Stock Exchange index ebbed lower by 0.09% to finish at 3406.48 points. The shares of Bank of Valletta p.l.c. and Santumas Shareholdings p.l.c. were the gainers of the day on low turnover.

General Electric Co shares tumbled nearly 10 percent on Wednesday as investors became panicky about how its massive financial arm was faring in the wake of the troubles at top financial institutions.

European shares were on track for a third successive decline by midday on Friday as a sell-off in banks gathered pace, while a dip in the gold price dented miners and energy stocks surrendered early gains.