Asian markets plunge before Greek vote
Supporters of the EU bailout terms have taken the lead.
Asian markets plunged today (June 3rd) ahead of the July 5th Greek referendum on a bailout deal offered by the EU with conditions.
China's stocks tumbled, with the Shanghai Composite Index tumbled seven per cent during the session as investors panicked despite recent government stabilising measures.
Supporters of the bailout terms have taken the lead over the "No" vote backed by Greek Prime Minister Alexis Tsipras.
"Attention will be pinned on Greece and this is likely to see investors cautious as we head into the weekend … Even if we get a 'Yes' vote, this means the country must go back to the negotiation table and try to knock something together again," IG market analyst Stan Shamu told Reuters.
"However, it's a lot worse on the other side as a 'No' vote will present a host of uncertainties that could really rattle markets. Either way, traders will need to buckle up for a tumultuous Monday," he added.
The Shanghai Composite Index reverse some of the day's losses to close 3.2 per cent lower at 3,787.91 and Hong Kong's Hang Seng lost 0.1 per cent to 26,249.27. Japan's Nikkei 225 edged up 0.1 per cent to 20,546.92. South Korea's Kospi lost 0.1 per cent to 2,105.95 and Australia's S&P/ASX 200 tumbled 1.2 per cent to 5,534.50.
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