Sensitive Stockholm stock exchange continues to fall as the Greek crisis rumbles


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Monday, 20 June 2011
Start of the week’s trading on the Stockholm Stock Exchange began with falls. After an hour's trading, the Stockholm Stock Exchange's general index has already fallen by 1.4 percent mainly due to developments in Greece. The stock market had been performing badly anyway.

By 10.00 Swedish time, the OMXS index had fallen by 1.4 percent to 338.1 and continued to fall. The decline was in line with developments in the leading stock exchanges in Europe and Asia which also fell.
All sectors are falling, but most hit are commodity companies, with a decline of 2.4 percent.

During the night, the euro zone's finance ministers were pushing on the decision concerning emergency loan to Greece in July, if and when the Greek Parliament has taken the necessary decisions on emergency policies and privatization.

There are calls for Greece to be left to fall and if possible to leave the Euro single current regime. One of those making this call is the Mayor of London, Boris Johnson who said that the Greek crisis is putting a strain on the financial market and killing London which is the leading financial centre in Europe. He adds that the UK should not participate in the bail out of Greece again.

The Stockholm market had been performing poorly since the start of the year. As at today the Stockholm OMX index had been operating at -8.5 percent while other markets such as Dow Jones and other European are operating in positive territory.
Therefore the Greek crisis is just a smoke screen masking a limping stock market in an ironic way because the Swedish economy is enjoying impressive growth.
By Team

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