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[SYDNEY] Australian stocks fell 1.14 per cent on Monday after Greece rejected fresh austerity demands by the country's EU-IMF creditors in a landmark referendum, but ended well off their lows.
The benchmark S&P/ASX200 index closed 63.3 points down at 5,475.0, having fallen more than 1.8 per cent earlier in the session.
"I am going to be the first to put my hand up and say I expected a much more aggressive reaction to a 'no' vote," said IG Market's chief strategist Chris Weston.
"It has to be said that despite markets adopting a definitive risk-aversion feel, the mood has felt quite calm and there is little panic.
"It's almost as if Asia-based traders are waiting for confirmation on trading moves from European traders before positioning short-term portfolios."
The Australian dollar was fetching 74.69 US cents in late trade, recovering slightly after dipping to 74.52 US cents - its lowest level in six years.
It was buying 67.71 euro cents from 68.35 euro cents on Friday.