Swedish investors cool to risks of stock ownership
Published: 1 Sep 08 18:16 CET | Print version
Online: http://www.thelocal.se/14070/20080901/
Swedes appear to prefer keeping their savings in the bank or under the mattress, rather than risk it in the volatile Stockholm stock market.
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Normally private stock trading increases by about 10 percent after the summer months.
“Savers didn’t return to the stock exchange in August like they used to, but instead stayed away. This year on the stock exchange has been tough for savers who have had their patience and strength worn down,” said Claes Hemberg, a savings economist with internet brokerage Avanza, to the TT news agency.
Many investors have unloaded their shares in telecoms giant Ericsson, despite the fact that its stock price rise 12 percent in August.
And a 15 percent stock price rise in drug maker Astra Zeneca and a 25 percent hike for shares in packaging company Billerud still didn’t stop small investors from hitting the sell button.
“It’s a little strange since things have gone so well. When there is uncertainty in the market people should look for common stocks, but instead people are selling them. I think that is a very clear sign that people are skeptical about stocks in general,” said Hemberg.
The number of Swedes who own stocks has steadily decreased in recent years and is at its lowest level in eight years, according to Avanza.
“We’re getting close to having two million savers who own stocks. That can sound like a lot but there are many who only own a share in Ericsson or TeliaSonera. It’s an altogether older group who sell to use the money for their retirement,” said Hemberg.
“It’s probably the case that most Swedes aren’t made to own stocks. When there is this much uncertainty, people discover how hard it actually is. Mutual funds are simpler and not as sensitive. Bank accounts have also been winners in the last year.”
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