(MENAFN- Saudi Press Agency)
LONDON, 22 Ramadan,1437 AH, 27 June,2016 , SPA -- British and European stock markets fell again on Monday amid the uncertainty over what the U.K.''s vote to leave the European Union might lead to, AP reported..
The FTSE 100 benchmark in London was down about 1 percent at 6,090 while Germany''s DAX was 0.5 percent lower at 9,509.
One of the reasons the FTSE 100 has not dropped more since Friday, when it closed only 3.2 percent lower, is that many of its listed companies earn money in foreign countries, and the pound''s sharp drop will translate into higher profits when that money is brought back to the U.K. The pound''s drop also makes those shares cheaper for investors outside Britain.
The pound continued to suffer the most losses in the markets, dropping another 1.6 percent against the dollar on Monday, to $1.3462. Since early Friday it has dropped to levels last seen in 1985.
Stockholm''s stock exchange, which was closed for a holiday on Friday, when the vote''s result caused heavy losses on global markets, dropped by 6 percent on Monday.
-- SPA
13:41 LOCAL TIME 10:41 GMT
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