Asian Market Update : Epic Research Singapore

Asian stocks mostly fell on Monday after Greek voters rejected more austerity demands from creditors, fuelling fears the country will crash out of the eurozone, but the euro recovered from initial losses as dealers wait for European leaders' next move.

In a separate drama, Chinese shares surged almost eight percent in the first few minutes of trade after Beijing introduced measures to support mainland markets, which have plunged by a third over the past three weeks.

Despite warnings from European leaders that Sunday's referendum was effectively an in-out poll on the euro, more than 60 percent of the voters heeded the government's call to vote "No", sending traders running for the doors.

Tokyo fell 1.34 per cent, Seoul shed 0.74 per cent, Sydney lost 1.33 per cent and New Zealand was off 0.80 per cent.

However, Shanghai opened up 7.82 per cent before easing to 4.08 per cent higher, while Hong climbed 0.70 per cent, riding the coat-tails of the mainland gains.

In Japanese trade the euro was at US$1.1054 and 135.50 yen, clawing back some of the losses suffered in New York electronic trade Sunday, when it fell to US$1.0963 and 134.91 yen.

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