LONDON (AFP) - The FTSE index was down 3.43 percent to 5025.6 points as traders continued to react to the global panic caused by the bankruptcy of Lehman Brothers bank.

The London exchange rallied from a three-year low of 4961.2 earlier in the day to finish above 5000 points, but the gerneral mood of gloom looks set to continue for the forseeable future.

On another hectic day, Royal Bank of Scotland Group was the most traded stock, seeing 365 million units change hands, followed by HBOS, which saw 363 million shares switch owners.

Banking was again the most affected sector and insurers also saw their stock plummit on the back of news that insurance giant AIG could be on the brink of collapse.

Like yesterday, HBOS was the day's worst casualty, losing 50.5 pence -- or 21.72 percent -- to close on 182.

Energy firm Wood Group followed, down 46.75 pence, -- or 12 percent -- to close on 342.75.

Rare gainers included the London Stock Exchange, up 24 pence -- or 3.26 percent -- to close at 760 and Enterprise who were up 6.5 pence -- or 3.12 percent -- at 215.

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