By Eva Odefalk

STOCKHOLM (Reuters) - Sweden's Handelsbanken (SHBa.ST: Quote, Profile, Research) warned its first-quarter earnings would take a $171 million credit crunch hit, after selling fixed-income securities and closing its New York-based proprietary trading unit.

Handelsbanken said on Monday it had divested its holding of U.S. securities backed by credit-card receivables, a portfolio worth 11 billion crowns ($1.99 billion) at the end of 2007.

Worsening credit market conditions in the first quarter had hit the value of its other fixed-income assets, the bank said.

"The combined impact on the liquidity portfolio from changes in market values as at March 28 will result in a loss of 946 million crowns ($171 million) and a writedown against equity of 448 million crowns."

Shares in Handelsbanken were down 3.1 percent at 0923 GMT against a fall of 1.4 percent in the blue-chip index <.OMXS30).

"That even Swedish banks would get hit in this climate was not unexpected," said one banking analyst who declined to be named. "What is unexpected is that it is Handelsbanken that has come out first."

He said other Swedish banks would have to take writedowns. "The question is whether they choose to issue profit warnings or not," he added.

Shares in Swedish bank SEB (SEBa.ST: Quote, Profile, Research) were down nearly 3.5 percent, Swedbank (SWEDa.ST: Quote, Profile, Research) was 2.9 percent lower and Nordea was down 1.4 percent.