"Uptrend on the Stockholm Stock Exchange erased"

The Stockholm Stock Exchange turned upwards after Monday's technology slump in the wake of Chinese Deepseek's decline. But the upswing reverted to gloom in the afternoon.

» Published: January 28 2025

"Uptrend on the Stockholm Stock Exchange erased"
Photo: Fredrik Sandberg/TT

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The broad OMXS index closed at minus 0.1 percent after having peaked around 0.9 percent plus at lunchtime.

Industrial giant Atlas Copco released its report at lunchtime. The result was stronger than expected and the stock initially rose. But the upswing faltered and pulled down the entire stock exchange index. The company's two shares ended at minus 3.9 percent and 3.5 percent, respectively.

Automation company ABB also had a tough day, down 1.7 percent.

The big winner was medical technology company Getinge, which surged 11.1 percent after an interim report that was clearly better than expected.

Also, Stenbeck's power company Kinnevik performed strongly, up 8 percent, after the company announced a larger investment in travel management company Travelperks.

Otherwise, it was much calmer on the stock exchange than on Monday, when trading was marked by turbulence surrounding the Chinese AI robot Deepseek.

Questions were raised about the valuation of the major American AI giants, such as Nvidia, if the Chinese can invent chat robots at a significantly lower cost and with far fewer advanced data chips.

The tech-heavy Nasdaq index fell 3.1 percent on Wall Street, with Nvidia plummeting 16.9 percent. However, traditional industrial companies held their ground.

At the close in Stockholm on Tuesday, all three major indices on the New York Stock Exchange had risen after the opening. Nvidia was up 2.7 percent.

The major European stock exchanges in Frankfurt, London, and Paris had also risen.

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By TTEnglish edition by Sweden Herald, adapted for local and international readers

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