Downward trend on the stock market – Kinnevik weighed

The Stockholm stock exchange fell slightly on Wednesday. The broad OMXS index closed 0.1 percent minus.

» Published: October 16 2024

Downward trend on the stock market – Kinnevik weighed
Photo: Anders Wiklund/TT

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The OMXS30 index, which includes the most traded shares, was weighed down by investment company Kinnevik, which lost 8.4 percent after a quarterly report in the morning.

Forest company SCA fell 1.8 percent.

Among the most traded companies, household appliance giant Electrolux topped the list, rising 2.4 percent. Online casino operator Evolution and pharmaceutical company Astra Zeneca also performed strongly, with their shares rising 2.1 and 2.0 percent, respectively.

On Tuesday, Dutch chipmaker ASML released its report ahead of schedule. The figures were a disappointment and have once again created concern among investors for both the chip industry and AI.

According to Bloomberg, the company has lost nearly 60 billion euros in market value over the past few days, equivalent to around 682 billion kronor.

Luxury conglomerate LVMH, listed on the Paris Stock Exchange, also delivered disappointing figures after the market closed on Tuesday. The company fell around 4 percent on Wednesday.

The trend on the leading European stock exchanges was mixed. The London Stock Exchange rose about 1 percent, while Frankfurt and Paris fell a few tenths.

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

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