Australian market down again at Monday's close

The Australian share market was down again on at the market close on Monday.

It was due to Greece.

The local market was more than one percent weaker after the 'no ' vote in Greece.

The fallout from the Greek referendum has hit the Australian sharemarket, sending the bourse deep into the red as investors switch into defensive mode.

At the official Australian market close, the benchmark S & P/ ASX200 index retreated 63.3 points, or 1.14 percent, to 5,475, while the broader All Ordinaries index lost 64.7 points, or 1.17 percent, to 5,463.3.

In China, moves by the government to stabilize equity markets after a 2.4 U.S. dollar trillion sell-off buoyed the market in early trade, with the Shanghai Composite index gaining as much as 7.8 percent at the open before shedding those gains and more later in the session.

The benchmark Shanghai Composite Index lost 0.55 percent, or 20. 32 points, to 3,666.60 at the close.

Resources stocks were the main downward drag on the local market, after the iron ore price fell 3 percent on Friday, to make it an 11 percent slump over the week.

Mining stocks were 1.66 percent lower, with BHP Billiton losing 2.18 percent, Fortescue declining 5.77 percent and Rio Tinto dropping 2.55 percent.

Investors were spending on gold stocks, statistics showed.

Energy company Santos slid 3.37 percent, Woodside Petroleum shed 1.84 percent. AGL Energy slipped 1.77 percent.

The financial sector was 0.86 percent softer, with the big four banks all seeing weakening. ANZ edged 0.77 percent, the Commonwealth Bank lost 0.42 percent the National Australia Bank dropped 0.71 percent and Westpac lost 0.82 percent.

Consumer staples were 1.33 percent lower. Endi