Aussie shares open slightly up with more gains set

SYDNEY, Jan. 19 (Xinhua) -- The Australian stock market opened slightly higher on Friday, with U.S. tax cuts and Chinese industrial production set to fuel positive sentiment in the financial and resources sectors.

At 10:27 (AEST), the benchmark S&P/ASX 200 index was up 10.9 points or 0.18 percent at 6,025.5, while the broader All Ordinaries index gained 9.5 points or 0.16 percent at 6,139.9.

"Futures markets are pointing to gains for most Asia-Pacific share markets today. The stimulatory impact of U.S. tax cuts and stronger growth in China's industrial production may see investors zero in on financial and resource shares," CMC Markets chief market strategist Michael McCarthy said in a morning note to investors.

"Energy shares could act as a barometer of overall sentiment. In an even handed weekly oil market report U.S. inventories were depleted by more than 7 million barrels but daily production leapt back to near record levels.

"The Australian share market may finally shake off its recent underperformance."

The stronger Australian dollar poses a concern "that could increase if there is a sustained move through the current resistance. However, support for the two most significant locally listed sectors should mean a better relative rise."

Australia's big banks opened mostly higher, with Commonwealth Bank of Australia gaining 0.43 percent, the National Australia Bank edging up 0.03 percent and Westpac adding 0.61 percent. ANZ slipped 0.04 percent.

Mining giant BHP Billiton was up 0.23 percent and rival Rio Tinto gained 0.61 percent. Newcrest Mining fell 1.26 percent and Oil Search added 0.26 percent.

Wesfarmers gained 0.37 percent and rival supermarket chain Woolworths added 0.15 percent.

Qantas lifted 1.48 percent and biomed group CSL was up 1 percent. Enditem