AUSTRALIAN shares have closed slightly higher, driven by gains in the telecommunications and financial sectors.
At the close on Monday, the benchmark S&P/ASX200 index was up 11.9 points, or 0.28 per cent, at 4,97, while the broader All Ordinaries index was up 9.2 points, or 0.21 per cent, at 4351.9.
On the ASX 24, the June share price index futures contract was up 23 points at 4308, with 25,064 contracts traded.
The rise was driven by monetary easing in China, but the gains were held back by losses in the resources sector, IG Markets market strategist Stan Shamu said.
China's central bank reduced its reserve required ratio - freeing up cash to lend - to stimulate the economy following disappointing import and export economic data last week.
"There was a lift in risk assets early on, particularly in the resource space, but unfortunately through the day the uncertainty coming from Greece weighed on most of the risk assets," Mr Shamu said.
New elections may have to be called in Greece, a prospect dreaded by the European Union as it could mean further delays to the country's promised structural reforms.
High dividend paying telco and banking stocks performed well on the ASX.
Telstra posted a four-cent, or 1.11 per cent, gain to close at $3.64.
Commonwealth Bank was the best performer of the big banks, up $1, or 1.9 per cent, to $52.40, ANZ was 16 cents higher at $22.20, National Australia Bank was 25 cents higher at $24.80.
Westpac was 65 cents lower at $22.07 after it went ex-dividend.
The mining giants were mixed on Monday but the overall sector was down.
BHP Billiton was nine cents up to $34.46, Rio Tinto was seven cents weaker at $61 and Fortescue Metals was down five cents to $5.34.
National turnover was 1.5 billion securities worth $4.1 billion, with 401 stocks up, 551 down and 426 unchanged.
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