Asian stocks dive as Greece crisis intensifies

FXStreet (Mumbai) – The Japanese equities lead the slump in Asian stocks, kick-off the week on a bearish note amid escalating Greece debt tensions after Greek government withdrew from bailout-negotiations and called for a referendum on July 5.

Moreover, the sell-off accelerated in Asia today after Greek government confirmed capital controls imposed on Greek banks, keeping Greek banks closed on Monday and account holders will face tough limits on their withdrawals from ATMs.

Among the major Asian indices, the Nikkei 225 in Tokyo is currently down over 2%, while the KOSPI in South Korea is losing nearly 1.5%. In Australia, despite further monetary policy easing in China over the weekend, the ASX 200 has fallen 1.80%. China’s Shanghai Composite is also down nearly 2%.

Greece faces a deadline on Tuesday, when it must make a loan payment to the IMF. The country looks almost certain to default on that payment.

Nikkei Technical Levels

The index has an immediate resistance stands at 20400. Meanwhile, support is seen at 20150 levels and from here to 19990 levels.

The Japanese equities lead the slump in Asian stocks, kick-off the week on a bearish note amid escalating Greece debt tensions after Greek government withdrew from bailout-negotiations and called for a referendum on July 5.

(Market News Provided by FXstreet)