Australian stocks down 0.77 percent at the open

SYDNEY – Australian stocks opened 0.77 percent lower on Monday as risk aversion returned to the market after European finance ministers delayed a decision on loans for Greece over the weekend.

At 10:10 am (0015 GMT), the benchmark S&P/ASX 200 was down 31.9 points at 4,117.5 despite US stocks closing higher on Friday.

Analysts said the market was factoring in news that Greece may have to wait longer for the next round of bailout funds it needs to avoid a debt default.

The Australian dollar was trading at 102.94 US cents early in the session, down from its 103.34 US cents close on Friday.