Stockholm share slump continues

Share prices on the Stockholm stock exchange continued to slide when trading started on Friday morning. Half an hour after the markets opened the OMX index had fallen by 2.2 percent and by 12.45pm it was down 3.65 percent.

The slump was evident across all sectors following overnight falls on Asian stock markets.

The shockwave caused by America’s mortgage crisis is still reverberating through the world’s share markets. Late on Thursday shares on the New York Stock Exchange had also lost over 2 percent of their value, while European bourses experienced a comparable slide in Friday’s early trading.

Worst hit in Stockholm were industrial shares, followed by finance and raw materials. Least affected by the slide was the media sector.

One of the big losers among Sweden’s corporate giants was electrical goods manufacturer Electrolux , whose shares fell 10.8 percent to 153 kronor in morning trading. Shares in airline SAS fell by 6 percent – following a 10 percent fall on Thursday after a disappointing half-year report – to 132 kronor.

Exchange owner OMX, whose own shares climbed by almost 7 percent on Thursday, dropped back 1.3 percent to 228.5 kronor.