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Greek crisis sparks Swedish sell-off

TT/The Local · 6 May 2010, 16:58

Published: 06 May 2010 16:58 GMT+02:00

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"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.

Story continues below…

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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TT/The Local (news@thelocal.se)

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Your comments about this article

20:37 May 6, 2010 by seychelle_18
So this could be the best season to shop for stocks on strong companies.
00:23 May 7, 2010 by PonceDeLeon
Ditto.. time to zig when the market zags...
09:29 May 7, 2010 by Kevin Harris
With perfect timing, the week after the Red/Greens announce their fiscal policy, yet another socialist economy goes down the toilet.

Thanks for the lesson in how not to run an economy Greece, but some people will never learn.
10:07 May 7, 2010 by glamelixir
Oh please! do not compare Sweden to Greece!.

Greece has collapsed mainly becuse of its corruption.

I am getting tired of these right hand analphabets.

Can´t be explaining politics and economy around this web site all the time.

I insitis, those who like liberal right wing governments are very welcome to move to the States. This is Sweden.

And pleeeeeeease tell me about a capitalist economy that works without leaving big parts of its society excluded.
18:49 May 7, 2010 by Celc
@Kevin Harris - Their socialist economy as you stated it is going down because the non-socialist American financial crisis crushed the world economy and for a country like Greece whos biggest industries are tourism and their ports it pretty much killed them. Then they covered up how badly they were hurt and didn't do anything until it was to late and they announced a 13% budged deficit instead of the projected 3%. I fail to see how you correlate that with socialism, its a combination of blatant incompetence and much to weak national economy. Well that and the Eurozone could've had some resolve in dealing with the issue, so investors wouldn't have to speculate which direction it would go.

@glamelixir - To be fair, even Swedes have no idea how to describe Sweden either and its generally agreed that we are taxed down to our knickers, even if your typical Swede considers it a good thing. Our corporate tax was on the European average last time I checked, it's one of the easiest countries to open a company in (file papers and 1000kr and you're done). Then once you start looking at both how much you are taxed and how much you get back from taxes through the services you personally use, the reality is often different to the surprise of Swedes and foreigners alike.
21:48 May 7, 2010 by Kevin Harris
The Greek economy collapsed because its successive socialist governments spent far more than it earned. It then borrowed far more than it could afford, and now it can't pay the money back. It's perfectly simple. I'm afraid blaming the Americans, the EU, internal corruption, killer bees, etc, just won't cut it. Not even the Greeks believe that; except for the communists who burned the pregnant lady and two other people to death in a bank. They think it's an American plot too.
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