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imageSYDNEY/WELLINGTON: Australian shares pared early gains on Tuesday, clocking their six straight positive session, but volumes were low as investors stayed on the sidelines ahead of Chinese economic growth data due later in the day.

Solid overnight gains on Wall Street led by strong corporate earnings provided some support to the market.

Data due at 0200 GMT is expected to show that China's economy grew at its weakest pace in more than five years in the third quarter as a property downturn weighed on demand, raising the chances of more aggressive policy steps from the government.

China will also release data on industrial output and retail sales for September.

The S&P/ASX 200 index climbed 5.2 points to its highest level since Sept. 29 by 1239 GMT, adding to a 0.2 percent gain on Monday.

"The Australian market's been quite reactive to news from China. So, it is trying to find some guidance from there," said James McGlew, executive director of corporate stockbroking at Argonaut Ltd.

McGlew expects a technical pullback from current levels with resistance around 5,300 to 5,350 levels.

Among major banks, National Australia Bank and Australia and New Zealand were up about 0.3 percent each.

Rio Tinto and Fortescue Metals Group led the gains in miners.

Ten Network Holdings Ltd rose 2.7 percent after a local media reported that Gina Rinehart, who owns 10 percent of the struggling broadcaster, is likely to resign from the board. The report came amid speculation of a possible merger between Fairfax media and Ten.

Goodman Fielder Ltd was up 0.8 percent after the Foreign Investment Review Board approved the $1.4 billion takeover of the company.

Veda Group Ltd fell over 5 percent after it said Pacific Equity Partners (PEP) was not currently undertaking a sale of its shares. Earlier, local media had reported PEP would undertake an overnight sale of its remaining 31.5 percent stake in Veda Group.

Sentiment was also supported by Medibank Private, which proposed to raise between A$4.3 billion and A$5.5 billion in an IPO, potentially making it the largest listing of a state-owned company in nearly two decades.

It plans to sell up to 2.75 billion shares in a range of A$1.55 to A$2.00.

New Zealand's benchmark NZX50 index rose 33.07 points or 0.63 percent to 5,230.95, extending gains into a third session and pulling further away from a two-month low hit late last week.

PGG Wrightson led gains, climbing 3.6 percent to a two-month high of NZ$0.43 ($0.34) after the agricultural services company raised its earnings outlook for the current year.

Fletcher Building edged up 1.2 percent to a one-week high of NZ$8.82, as the construction supplies manufacturer said it expected stronger earnings in 2014/15.

Other gainers included Contact Energy, which rose 2.5 percent to NZ$6.14, its highest since early 2011, while outdoor wear maker Kathmandu climbed 2.1 percent to a two-week high of NZ$2.99

Copyright Reuters, 2014

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