Reuters: Hot Stocks: Australia shares edge up 0.2 pct on yield play, awaiting offshore leads

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Australia shares edge up 0.2 pct on yield play, awaiting offshore leads May 28th 2013, 06:19 Tweet Share this Email Print Tue May 28, 2013 2:19am EDT (Updates to close) SYDNEY, May 28 (Reuters) - Australian shares ended 0.2 percent higher on Tuesday, snapping a five-day losing streak, as investors came back to chase high-yielding stocks like banks in bargain hunting following last week's turbulence. With U.S. and British markets closed on Monday for public holidays, investors are yet to find any further direction after the market was hit hard last week by turbulence in Japanese equities as well as uncertainty over U.S. stimulus measures. Local investors continued to favour the yield play despite the recent sell-off, underpinning strength in big banks and flagship phone company Telstra Corp Ltd. The benchmark S&P/ASX 200 index added 10.8 points to 4,970.7, according to the latest data. It fell 0.5 percent on Monday. New Zealand's benchmark NZX 50 index was almost flat at close, up 0.1 point to 4,478.3. (Reporting by Maggie Lu Yueyang; Editing by Sanjeev Miglani) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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