(Updating with full report)
STOCKHOLM (Thomson Financial) - Stockholm shares closed sharply lower amid continuing concerns over the international credit crisis, high oil prices, and the weak US dollar, but with Hennes & Mauritz edging slightly higher after its better-than-expected October sales data.
The OMX Stockholm index closed down 1.71 pct at 356.82, while the OMX Stockholm 30 finished 1.69 pct lower at 1,102.59. Turnover amounted to 26.699 bln skr.
In total 48 shares close higher, 35 unchanged and 228 lower. All the major sub indices closed sharply lower with the exception of retailing.
Hennes & Mauritz B closed up 0.37 pct at 409.50. The clothing retailer said its sales in local currencies, including VAT, in October rose 15 pct year-on year, while same-store sales rose 3 pct.
Market expectations were for a rise of 14.6 pct, and same-store sales rise of 2.3 pct.
'The numbers were a bit better than expected, but the divergence wasn't big,' a broker said.
Ericsson B closed down 0.53 pct at 18.66.
Among the telecom operators TeliaSonera closed down 1.60 pct at 61.50, and Tele2 B 1.38 pct lower at 142.50.
Engineering stocks fell sharply lower across the board, with Sandvik finishing down 2.68 pct at 108.75, SKF B down 2.88 pct at 109.75, Atlas Copco A down 3.18 pct at 91.25, and Alfa Laval down 6.63 pct at 380.50.
Alfa Laval said it and Haldex AB's joint venture Alfdex, has won an order from Scania AB, for a gas cleaning system to be used in all the truck maker's Euro 5 engines.
Trelleborg closed down 3.11 pct at 147.75. The company said its Trelleborg Sealing Solutions division has acquired the privately-owned US seal distributor, Sealing Solutions Inc., for around 100 mln skr.
SSAB A also closed down 4.64 pct at 164.50.
Among the truckers, Scania B closed down 5.45 pct at 147.50, and Volvo B down 2.64 pct at 110.75.
The banks all closed lower, led down by Swedbank A, which shed 2.41 pct to finish at 182.00.
Weakening metal prices hit mining stocks with Boliden closing down 3.16 pct at 92.00 and Lundin Mining down 3.64 pct at 66.25.
SAS closed down 0.72 pct at 103.25. The company will lay off 230 cabin crew and pilots jobs in Sweden tomorrow following its decision to permanently ground its fleet of 27 Dash 8 aircraft, reported Swedish radio.
Among other shares traded, Nordea closed down 1.30 pct at 106.10, Assa Abloy B down 3.96 pct at 133.25, and Electrolux B down 4.40 pct at 114.00. TFN.Stockholm@thomson.com sjr/sjr/rw COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
© 2007 AFX News
