Reuters: Hot Stocks: Australian shares rise as weaker Aussie dollar offsets China fears

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Australian shares rise as weaker Aussie dollar offsets China fears Jun 25th 2013, 00:33 Mon Jun 24, 2013 8:33pm EDT SYDNEY, June 25 (Reuters) - Australian shares edged 0.1 percent higher in early trade on Tuesday as the weaker Australian dollar buoyed exporters and helped to offset concerns about a cash crunch holding back Chinese growth. Flagship miners BHP Billiton Ltd and Rio Tinto Ltd fell 0.5 percent and 0.6 percent respectively due to fears that tighter liquidity in China could cut sales of iron ore. Among companies benefiting most from the sliding Aussie dollar, biotechnology firm CSL Ltd rallied 1.7 percent and QBE Insurance Ltd climbed 1.1 percent. After a wild ride, the Australian dollar was trading at $0.9251, having touched a 33-month low of $0.9148 overnight. The S&P/ASX 200 index added 6.1 points to 4,675.3 by 0012 GMT. The benchmark dropped 1.5 percent on Monday. The People's Bank of China said banks needed to do a better job of managing their cash and lending, as the central bank attempts to move the world's second largest economy away from credit-driven investment. New Zealand's benchmark NZX 50 index slipped 0.3 percent to 4,351.7. (Reporting by Thuy Ong; Editing by Stephen Coates)

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