Saab Shares Drop 4.9 Percent Amid Stockholm Stock Exchange Gains

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Saab Shares Drop 4.9 Percent Amid Stockholm Stock Exchange Gains
Photo: Claudio Bresciani/TT

Stockholm stock exchange's rise on Thursday with ABB and Ericsson as locomotives. The broad OMXS index went up 0.3 percent.

Engineering company ABB and telecom giant Ericsson, which topped the large-cap index OMXS30, rose 3.1 and 2.1 percent, respectively. Clothing giant H&M and lock company Assa Abloy were also among the winners.

It went worse for defense group Saab, down 4.9 percent. The decline came after analysts at the American major bank Morgan Stanley lowered their recommendation for the company's share.

Prior to the stock market opening, Statistics Sweden released preliminary inflation figures for August, which showed that the so-called CPIF inflation rose 3.3 percent.

In Asia, the Tokyo Stock Exchange's Nikkei 225 rose 1.5 percent, partly thanks to gains in tech companies. The stock exchanges in Hong Kong and China fell after the Chinese authorities announced that the country is considering measures to cool down the stock market.

Swedish tech company Neonode, which is listed on Nasdaq in New York, plummeted nearly 70 percent during the first hours of trading. The price crash was related to a settlement in a patent dispute with Samsung.

Both the dollar and the euro became slightly more expensive on Thursday. One dollar cost 9.48 kronor and one euro 11.04 kronor at the close of trading.

On the leading European stock exchanges, the trend was mixed: gains in Frankfurt and London and a slight decline in Paris.

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

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