After the U.K.'s vote to leave the European Union (EU) sent markets reeling, investors and traders are mulling how to best profit from the uncertainty.
Sterling fell against the U.S. dollar on Monday to as low as $1.3147, below the 31-year low of $1.3224 reached on Friday on the news of the referendum results.
"This is the first big shock of the summer — so there are opportunities and I think the opportunities are mostly outside the U.K. and Europe," Trevor Greetham, lead of multi asset at Royal London Asset Management, told CNBC on Monday.
"China is not badly affected by this at all ... U.S. interest rates are going to stay lower — emerging markets look quite a good buy now," he added.
The pan-European STOXX 600 Index traded around 3.2 percent lower on Monday. The U.K.'s internationally focused FTSE 100 was down around 2 percent, with the more domestically orientated FTSE 250, which tracks mid-cap companies, down more than 6 percent.
European stock indexes
European markets
Greetham forecast further market turbulence, with the U.K.'s exit from the EU still uncertain in his opinion.
"You notice that both Boris Johnson (one of the leaders of the 'leave' campaign) and the Chancellor (of the Exchequer) have talked about not being in a hurry to enact Article 50 (the clause that allows members to quit the EU)," he told CNBC on Monday from London.
"It is because you have got massive leverage at the moment in the negotiating position by not enacting the article and you may find out what happens is there is some sort of negotiation with Europe and it could (the decision on whether to leave the EU) be put back to the people."
He said his firm had sat on the sidelines during Friday's turmoil — but that he had been tempted to buy and was now near to doing so.
"I think probably global equities are an opportunity, because (monetary) policy will be looser," Greetham told CNBC.
"Yes, you have got to adjust for the fact that the U.K. and the European economy will be slower as well, but that is what markets have done and markets in the short-run tend to overreact," he added.
Traders' poll
Morris Reid, a partner at public strategy firm Mercury, said stock market declines could provide merger and acquisition (M&A) opportunities.
"Clearly there have been some winners in this whole situation," Reid told CNBC on Monday.
"I think there will be a lot of M&A profit, as companies get cheaper, perhaps from takeovers. Defense will be interesting, because there will be new border issues to work out. I also think the real estate community and private equity will do well," he added.
Nour Eldeen Al-Hammoury, a market strategist at ADS Securities, took a different tack, directing investors to buy gold and silver.
Both metals have appreciated since Friday and Al-Hammoury forecast further gains on Monday.
"I guess silver and gold are still underpriced, especially (as) … there is still the risk of more referendums in the EU. We have some reports saying Scotland might be the next one to leave the U.K. and also (some of the opposition in) France is calling for a referendum," he told CNBC.