Banks and tech stocks lift Australian shares, but weekly fall looms
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May 15 (Reuters) - Australian shares edged up on Friday, lifted by banks and tech stocks, but remained on track for a weekly loss as gains were limited by miners and investor focus on the Beijing summit between U.S. President Trump and his Chinese counterpart, Xi Jinping.
The S&P/ASX 200 index .AXJO rose 0.5% to 8,681.6 by 0044 GMT. The benchmark, which slipped 0.1% on Thursday, was on track for a weekly loss of 1.3%.
On Friday, financials .AXFJ rose 1.9%, extending its gains to a second day, but was set for its worst week since mid-November, having shed 3.6% so far.
The sub-index was burdened by this week's Federal Budget as it dampened sentiment around mortgage growth - a key profit driver for banks.
Top lender Commonwealth Bank of Australia CBA.AX rose over 3%, set for its biggest one-day percentage gain since April 8, while the rest of the "Big Four" banks all traded in the green.
Investors would also be looking at the ongoing talks between the leaders of Australia's key trading partners, who meet on Friday to wrap up a two-day state visit.
Tech stocks .AXIJ lent further support to the benchmark, rising over 4%. The sub-index tracked its Wall Street peers higher, which gained on a tech rally.
Miners .AXMM fell 2.1% as copper prices dipped, while iron ore prices ended unchanged on Thursday. IRONORE/
The heavyweight sub-index was eyeing its worst day in over two weeks, but was set to log a weekly gain of over 2%.
Top players Rio Tinto RIO.AX and BHP BHP.AX eased off record highs, falling 1.9% and 1.4%, respectively.
Gold stocks .AXGD lost 1.5% as bullion prices inched lower. GOL/
In New Zealand, the benchmark S&P/NZX 50 index .NZ50 was down 0.1%, at 13,015.89.