Worst day of trading since 9/11
TT/The Local · 6 Oct 2008, 17:50
Published: 06 Oct 2008 17:50 GMT+02:00
- Stocks plummet in early trading (06 Oct 08)
- Swedish stock market ends week on a high (03 Oct 08)
- Upstart Swedish stock exchange loses licence (01 Oct 08)
Share prices took a nosedive in Stockholm on Monday following sharp drops on Asian markets and falling prices on US markets at the end of last week.
The OMXS shed 7.1 percent of its value, slipping back to 230.3 points by close of trading. The terror attacks of September 11th 2001 led to a drop of 7.8 percent.
The city's leading indexes went south as soon as trading began on Monday and continued the downward trend all day, led by tumbling bank shares.
Swedbank dropped 11.1 percent to 92.00 kronor, while SEB plummeted 10.6 percent to 108.00 kronor. Nordea fared little better, falling 9.3 percent to 79.90 kronor, and Handelsbanken saw shares slashed by 6.5 percent to 151.00 kronor.
The oil and truck sectors also took a pummeling as many of the major players watched share prices head for the floor: Lundin Petroleum (-11.1 percent), West Siberian (-8.9), Vostok Gas (-26.8), Volvo Trucks (-6.6), Scania (-9.4).
It was also a dark day for some of Sweden's largest firms, with Ericson (-7.3), SAS (-9.6) and H&M (-4.8) all feeling the effects of the crash.
The financial crisis also landed at the doors of steel manufacturer SSAB (-11.3) and engineering giant ABB (-8.2).