Reuters: Hot Stocks: Australia shares inch up 0.2 pct; banks slip on possible levy

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Australia shares inch up 0.2 pct; banks slip on possible levy Aug 1st 2013, 06:28 Thu Aug 1, 2013 2:28am EDT SYDNEY Aug 1 (Reuters) - Australian shares inched up 0.2 percent on Thursday after better-than-expected factory data from China helped offset a slide in bank shares triggered by a possible new levy on deposits. Big banks dropped more than 2 percent initially after media reported the Australian government was considering a levy on deposits to shore up its budget. Australia's Treasurer Chris Bowen confirmed later he was in discussion with banks about the levy. Top lender Commonwealth Bank of Australia ended 1.5 percent down, and National Australia Bank Ltd lost 1.6 percent. The S&P/ASX 200 index added 9.5 points to 5,061.5. The local benchmark inched up on Wednesday, underpinned by yield plays in banks. Global miners BHP Billiton Ltd and Rio Tinto Ltd gained 1.5 percent and 0.8 percent respectively, taking support from China's official PMI index which picked up to 50.3, beating market expectations. Factory activity in China stayed weak in July, however, as persistent pressure on the economy extended into the third quarter, although bigger firms fared better as the government moved to bolster growth. New Zealand's benchmark NZX 50 index added 0.2 percent to 4,545.8. (Reporting by Maggie Lu Yueyang; Editing by Miral Fahmy)

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