Australia: Shares end marginally higher as investors avoid big bets

[SYDNEY] Australian shares closed marginally higher on Monday, with the technology index at a record high, although investors refused to make big bets awaiting hints on additional US stimulus.

The S&P/ASX 200 index closed 0.4 per cent higher at 6,126.60. The benchmark ended 0.03 per cent lower on Friday. The US markets will be closed on Monday on account of Columbus Day, but all eyes are on the likelihood of additional stimulus as the world's largest economy struggles to recover from coronavirus-related lockdowns that threw millions of Americans out of work.

"The US will be closed Monday for a holiday, so we normally are very flat until we see some US futures numbers to get a lead on the market direction," said Brad Smoling, managing director at Smoling Stockbroking. On Sunday, the White House called on Congress to pass a stripped-down coronavirus relief bill, promising further negotiations on a comprehensive bill in the future.

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