Asian markets trade mixed, China stocks rout deepens

FXStreet (Mumbai) – Asian markets were mostly trading mixed, with the Japanese benchmark, Nikkei and Australia’s ASX rebounding largely on profit-taking following the steep losses in the previous session after Greek voters overwhelmingly rejected a bailout offer by creditors in the weekend’s referendum.

On the other, South Korea’s Kospi and Chinese equities bucked the trend and witnessed sharp losses. The Shanghai index tumbles yet another day, extending its downward spiral for the fifth straight session despite government measures over the weekend to halt initial public offerings (IPOs), to stop liquidity drying up and moves to pour billions of yuan into the market to end three weeks of plunging prices.

At the moment, Nikkei on Tokyo trades 1.48% higher at 20409, Australia’s ASX trades 2% higher at 5580.70. While South Korea’s Kospi slides -0.81% at 2036.88. While the Chinese benchmark Shanghai Composite (SSEC) plunges over -3% to trade at 3646.

Nikkei Technical Levels

The index has an immediate resistance stands at 20500. Meanwhile, support is seen at 20300 levels and from here to 20118 levels.

Asian markets were mostly trading mixed, with the Japanese benchmark, Nikkei and Australia’s ASX rebounding largely on profit-taking following the steep losses in the previous session after Greek voters overwhelmingly rejected a bailout offer by creditors in the weekend’s referendum.

(Market News Provided by FXstreet)