Asian markets, pound hit by Brexit referendum results

Asian financial markets and Britain's pound fell sharply Friday after initial results suggested Britain had voted to leave the European Union.

The pound stood below the 1.35-dollar level for the first time since 1985 early Friday.

In Japan, the benchmark Nikkei 225 was down nearly 7 per cent at around 0400 GMT.

Hong Kong's Hang Seng Index was down more than 4.5 per cent.

China’s benchmark Shanghai Composite Index was trading down 1.19 per cent.

Australia’s benchmark S&P/ASX200 was down 3.8 per cent.

The Bombay Stock Exchange's 30-stock Sensex dropped by over 3 per cent soon after opening.

"Markets are nervous, general volatility will affect India, but the long-term Indian markets are unlikely to be affected deeply," financial analyst Rita Menon said.

Most of the plunging stocks were in the banking sector and Indian companies with businesses in Britain. There are at least 800 Indian companies doing business in Britain, largely using it as a gateway to the European market.

Last update: Fri, 24/06/2016 - 08:49

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