It hasn't been the start to the week that Australian investors were hoping for with the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) extending its slide based on falling commodity prices and a setback in discussions over Greece. The ASX 200 and ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) both fell 0.5% with the benchmark index dropping to 5518 points.
Greece has been locked in discussions with its international creditors and is at imminent threat of falling out of the Eurozone if an agreement cannot be made. While some progress had reportedly been made, discussions have so far not succeeded which has the rest of the world waiting on the edge of their seats, waiting to learn what will happen next and how it will impact the global economy.
Sluggish investor confidence weighed on a number of Australia's largest corporations, including Commonwealth Bank of Australia (ASX: CBA) and Westpac Banking Corp (ASX: WBC), both of which plunged further into the red – down 0.6% and 0.7% respectively. Telstra Corporation Ltd (ASX: TLS) also lost 0.7% while Woolworths Limited (ASX: WOW) plunged 1.3% to a new three-year low of $26.57.
A fall in commodity prices on Friday was also weighing on the market's confidence with iron ore and oil both recording declines. BHP Billiton Limited (ASX: BHP), for instance, fell 0.2% while Woodside Petroleum Limited (ASX: WPL) and Santos Ltd (ASX: STO) dropped 2% each.
The Australian sharemarket has lost nearly 8% since late April, putting it on the verge of a "technical correction". As scary as it may seem to even consider the prospect of buying in a falling market, these are the times where investors can make the biggest profits, especially with so many attractive companies trading at significant discounts.
Investors should certainly look to take advantage of some of these incredible opportunities.
