Asian Stocks Fall on Greece's Worsening Debt Woes

A man looks at a monitor showing prices on Tokyo's Nikkei Stock Average in Tokyo, Japan, 22 June 2015. EPA/KIYOSHI OTA

MANILA (DPA) — Asian stock markets slumped Monday on jitters over Greece's worsening debt crisis and its impact on the global economy.

Japan's benchmark Nikkei 225 Stock Average plunged 2.88 per cent, while China's Shanghai Composite was down 3.75 per cent and Hong Kong's Hang Seng fell 2.68 per cent

South Korea's Kospi index dropped 1.4 per cent, while Singapore's Straits Times Index lost 1.3 per cent.

The regional decline came as Greece imposed capital controls and shut down banks after creditors refused to extend a bailout programme.

"This crisis has been haunting the global markets for the longest time and it's the 11th hour and there is no quick fix we're seeing at the moment," said Astro del Castillo, a Philippine-based fund manager.

"Greece is bracing for the impact, it is way past deadline," he said. "The concern is there will be a domino effect if Greece defaults."

India's 30-share benchmark Sensex index also plunged 2.13 per cent, while Australia's ASX 200 plummeted 2.1 per cent after the market opened.

Greece has scheduled a referendum on July 5 on the term of the bailout offered by creditors, which rejected Greece's appeal to extend its bailout into July.

 

 

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