Helsinki shares close sharply lower on profit-taking - UPDATE |
|
|
|
Published
:
Tue, 27 Feb 2007 18:03
|
(Updating with full report)HELSINKI (AFX) - Helsinki shares closed sharply lower after a slump in Chinese equities and a weakening dollar encouraged profit-taking, with the biggest exporters hit hardest, dealers said.At the close, the OMX Helsinki 25 was down 3.83 pct at 3,029.45 points and the OMX Helsinki was 3.42 pct lower at 10,162.55 points, with volume at 1.944 bln eur.An analyst at a major brokerage in Helsinki said the sharp fall in Shanghai is a factor in today's falls, but noted it should not be overstated.'There is some nervousness in the market -- people are expecting some reason to take take profits after the very strong rise,' he said. 'The other reason is that the dollar has weakened somewhat, which might explain why export companies are under pressure.'Among the biggest exporters are the engineering and forestry groups, which showed sharp falls.Rautaruukki K closed down 6.17 pct to 35.12 eur, Metso was down 6.80 pct to 37.98 eur and Wartsila B was down 8.33 pct to 46.10 eur. Kone fell 6.04 pct to 42.48 eur and Cargotec was off 6.33 pct to 45.00 eur, though both were also trading ex-dividend.In paper, M-real B ended 5.11 pct weaker at 5.39 eur, UPM-Kymmene edged down 2.69 pct to 19.91 eur and Stora Enso R drifted down 2.85 pct to 12.62 eur.Nokia finished down 2.99 pct at 16.87 eur.Nokia said the administrative law judge overseeing the investigation initiated by Qualcomm against Nokia at the United States International Trade Commission (ITC), an independent federal agency that investigates unfair trade practices, has ordered a stay of proceedings until further notice.Elsewhere, TietoEnator ended 2.49 pct weaker at 21.13 eur.The IT group said it has sold its 51.3 pct holding in TietoEnator Libraries Oy, a company providing IT systems to libraries in Finland, to its partner in the venture, Axiell bibliotek, but gave no financial details.azer.sawiris@afxnews.comafs/jlcCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
|
|
|
|
|
|
Print this Story
Helsinki shares close sharply lower on profit-taking 