Australian stocks down 0.59% at the open

[SYDNEY] Australian stocks slid a further 0.59 per cent at the open on Tuesday over fears that Greece may exit the eurozone, with book balancing at the end of financial year adding to the uncertainty.

The benchmark S&P/ASX200 index was trading 29.3 points lower at 5,393.2 at the start after falling 2.23 per cent on Monday.

"Trade will be highly volatile as managers close out the month, quarter and year with Greece and China as an overlay," said IG Markets' strategist Evan Lucas.

Australia's financial year runs from July 1 to June 30.

In early trade the Australian dollar was fetching 76.78 US cents, up slightly from 76.59 cents late Monday. It was buying 68.48 euro cents from 69.04 euro cents on Monday.

AFP