Stocks stall amid Greek uncertainty

Asian stocks stalled today as investors remain unsure whether Greece will be able to work itself out of a debt crisis despite a weekend deal by the country’s leaders aimed at implementing a controversial austerity programme.

Oil prices rose to near 95 US dollars per barrel, while the dollar gained against the euro but slipped against the yen.

Japan’s Nikkei 225 index fell 0.5% to 8,755.44. South Korea’s Kospi lost 0.4% to 1,921.23 and Australia’s S&P/ASX 200 was 0.5% down at 4,259.90.

Hong Kong’s Hang Seng fell 0.2% to 19,806.73. Shares in mainland China were also lower, while Benchmarks in Taiwan, Thailand and New Zealand rose.

Global stock markets have been rattled for the past week over uncertainty surrounding Greece.

Investors worry that a default by Athens on its debts could cripple European banks and cause fiscal strain on much larger European countries like Italy.