It’s been a bad day for Asian stocks in the wake of Greece’s resounding decision to reject the bailout terms offered by their international creditors.
The Nikkei 225 in Tokyo lost 2.1%, while the Kospi in South Korea slumped 2.4%. Australia’s ASX 200, having been down as much as 1.8% earlier in the session, recovered to only close down 1.14%.
In late trade the Straits Times index in Singapore, JKSE in Indonesia, KLSE in Malaysia and Hong Kong’s Hang Seng have slumped by 1.03%, 1.19%, 1.37% and 3.33% respectively.
Chinese markets, having surged by as much 9.5% earlier in the session on the back of news of additional measures to support the shaky bull market, remain under pressure with less than 15 minutes to trade. The Shanghai Composite and CSI 300 are up by 2% while the Shenzhen Composite and ChiNext indices are off 3.5% and 5.5% respectively.
The latter has now fallen by more than 40% since hitting a record high in early June, as shown in the chart below.