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Greek crisis sparks Swedish sell-off

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16:58 CEST+02:00
The Greek crisis now spreading across Europe has sparked a sell-off on the Stockholm Stock Exchange. A record number of transactions were recorded by online brokers.

"Sell if you need the money," said Claes Hemberg of the online broker Avanza Bank.

Swedish investors have been anything but quiet in recent days. With stock markets in decline, small investors have also pressed the sell button.

"Greece's collapse has truly forced investors to react," said Johan Tidestad, the head of Nordnet in Sweden, which has noticed an extreme spike in trading activity among its clients.

The few purchases being made are in securities, which do well when the stock market is falling. It is above all many of the Swedish engineering companies that are topping the sell lists.

"Investors are banking their profit in the companies that have previously been doing very well, such as cyclically sensitive and export-dependent manufacturing companies," said Tidestad.

Both Hemberg and Tidestad agreed that if investors react prudently, it could probably result in more volatility on the markets in the future.

"I would advise that the money one needs in the next few years should not be placed in equities," said Hemberg.

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