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Share falls wipe out 2007 gains

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11:57 CET+01:00
Stocks in Stockholm continued falling in opening trading on Monday, leaving the market valued eight percent lower than a week ago. The falls wiped out all gains made since the beginning of the year.

Analysts say that investors can expect more bad news over the days and weeks to come. But Stephanie Gabrielsson, analyst at bank SEB, said she still expects significant rises over the year as a whole. Listed companies should see profits increase by an average of ten percent this year, she said.

"As long as our prognosis is correct, it indicates that shares will keep going up at the same rate," she said. Gabrielsson added that the economic fundamentals are unchanged since last week.

"Looking at the big picture, we haven't seen any major changes on the macro side," she said. But, she said, the immediate future would be bumpy.

"It will be a rough ride, at least this week," she said.

Stockholm's OMXS index was down 2.7 percent at 10:15am on Monday, following falls on the Asian markets.

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