Asian Market Update : Epic Research Malaysia

Asian equities and the euro tumbled Monday on fears Greece will crash out of the eurozone after Athens called off debt reform talks and announced a referendum on creditors' proposals next weekend, days after a repayment deadline.

Tokyo sank 2.25 per cent, Sydney shed 1.62 per cent, Seoul lost 1.17 per cent and Taipei was 1.70 per cent lower.

Hong Kong was down 1.11 per cent, but Shanghai added 2.31 per cent.

Mainland Chinese shares rebounded from Friday's plunge of more than seven percent after the country's central bank announced another interest rate cut, its fourth since November.

Greek Prime Minister Alexis Tsipras at the weekend stunned world markets when he announced the national poll for July 5 in which voters will be asked to decide on creditors' reform proposals, as five months of talks failed to find common ground.

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