Shares in Australia ended flat on Friday as investors awaited the protracted outcome to last week's national election. The S&P/ASX 200 index gained 2.6 points, or 0.05 percent, to close at 5,230.5. New Zealand's benchmark S&P/NZX 50 index saw a streak of daily gains end at nine, as it closed 7.4 points, or 0.1 percent, lower at 7,000.1.
Australian Prime Minister Malcolm Turnbull's coalition government was expected to collect the 76 seats it needs to declare an outright victory in the election held on July 2. However, the close result will leave him with a hostile upper house Senate. "It's a bit of a low news day, everyone's waiting for the final resolution to the election and what that might mean," said senior analyst Adam Tout at CPS Capital in Perth.
The financial and mining sectors led Australia's bourse higher. Despite Australia cutting its forecast for iron ore prices, shares in South32 Ltd added 4.26 percent, BHP Billiton Ltd stock rose 0.31 percent and Rio Tinto Ltd gained 1.27 percent. Whitehaven Coal Ltd stock surged 8.54 percent after thermal coal prices jumped to 2016 highs this week.
Financial stock CYBG PLC - the holding company which owns Clydesdale Bank and Yorkshire Bank - added 4.99 percent, although it remains 29.6 percent below its price before the UK voted to leave the European Union.
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