May 19, 2019 / 10:19 PM / 3 months ago

Australia shares set to open higher bolstered by election results, NZ flat

    May 20 (Reuters) - Australian shares are expected to edge
higher on Monday, with investors cheering the surprise election
victory of the Liberal-led conservative party coalition as
partial results announced on Sunday pointed at incumbent
government heading close to a majority.
    The local share price index futures          rose 0.1
percent or 5 points to 6,368, a 40.2-point premium to the
underlying S&P/ASX 200 index         close. The benchmark rose
0.6% on Friday.
    With just over two-thirds of votes counted, the conservative
government has won or is leading in 72 seats in its quest for a
76-seat majority, according to the Australian Electoral
Commission, defying all pre-election opinion polls, which
predicted a Labor victory.            
    Stocks including coal miners are expected to surge as the
Prime Minister Scott Morrison led government coalition is seen
more friendly to resources than the opposition.
    However, it was not clear if the coalition can govern with
an outright majority or will need to negotiate support from
independents in the 151-seat House of
Representatives.            
    Meanwhile, risk sentiment is expected to be checked by
concerns over uncertainty about the world's two largest
economies reaching a near-term resolution to the months-long
trade dispute.            
    New Zealand's benchmark S&P/NZX 50 index         rose
0.09%at 2205 GMT.
    

       

 (Reporting by Shanima A in Bengaluru
Editing by Chris Reese)
  
 
 
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