SYDNEY: Australian stocks dropped 0.72 per cent at the open Monday with no resolution to the drawn-out Greek debt crisis, although the market was taking heart from reduced volatility in China, analysts said.
The benchmark S&P/ASX200 index was down 39.0 points at 5,453.0 soon after the start.
“Greece is becoming a non-event for Asia and the fact the PBoC (People’s Bank of China) and central government have ‘regained’ control of the Chinese markets for now means value can be found,” said IG Markets’ Evan Lucus.
However, Westpac Institutional Bank said in a note that Greece, which has been given three days to enact economic reforms or face being suspended from the euro, would continue to cast a shadow this week.
