As the Greek Crises Prolongs the Asian market Stocks Fell

Monday, 29 June 2015, the whole Asian market skid as investors hurried to exit riskier assets in line with global selloff because of the fear of Greece which could default on a debt repayment and smash out of the euro-zone. But the fear of riskier assets has gone after Greece ordered for capital controls and closed banks for at least six days starting from 29 June 2015. This is to avoid further panic withdrawals from citizens, and they also lowered the ATM withdrawal limits allowed per day.

Investors were also scared after knowing mainland China stocks fell, but the Government of China is relaxing moves. China's central bank cut interest rates on Saturday 27 June 2015 and reduced the reserves that certain banks must hold. But the sudden fall of the Greece market directly affected the overall Asian market on 29 June 2015. Among Asian stock exchanges, the Japan market, Australia market, China market, Hong Kong market and Sensex sharply fell down.

Japanese share market slid down yesterday, it declined for the third straight session due to investors quick exit on fears about Greece market. This resulted eventually in the country forcefully having to leave the eurozone. The Nikkei Stock was down by 2.88 per cent, the Topix index of all Tokyo Stock Exchange dropped by 2.53 per cent.

Australia market extends fall and closed down for third straight session lower. All ASX sectors closed lower with shares of consumer discretionary, financials, energy, and material companies being major losers. All ordinary indices decreased by 2.2 per cent. The Hong Kong market also closed lower. The Hang Seng Index dropped by 2.61 per cent off an intra-day. Among the 50 Hang Seng blue chips, only two stocks rose, and 47 fell, with one remaining steady.

The China share market was lower as investors panicked and rushed to exit. The Shanghai Composite Index fell down by 3.3 per cent, the index showed swings from gains to losses. China's second exchange, the Shenzhen Composite Index plummeted by 6.06 per cent. After reducing acute intra day losses, Indian stock market also closed slightly down on 29 June 2015. The BSE Sensex was down by 0.46 per cent and CNX nifty was down by 0.75 per cent. Elsewhere except the Asia Pacific region the Taiwan index fell by 2.4 per cent, New Zealand index fell by 0.9 per cent, Singapore's Straits Times index lost by 1.2 per cent, Malaysia's KLCI declined by 1.1 per cent, and Indonesia's Jakarta Composite index was down 0.8 per cent.