Australia shares down 0.5 pct; caution sets in ahead of data

(Adds details, comments, and stocks on the move)
SYDNEY, March 4 (Reuters) - Australian shares fell 0.5
percent on Monday, as lower metal prices and caution ahead of
domestic economic data due later this week prompted
profit-taking after strong rallies for risk assets this year.
The Reserve Bank of Australia will make a rate decision on
Tuesday, while fourth-quarter GDP data will be released on
Wednesday and January trade data is out on Thursday.
"This will warrant a little bit of caution, a little bit of
uncertainty," said IG Markets analyst Stan Shamu.
"Should any of the readings disappoint it might just give
investors the reason to lock in some profits," he said.
The benchmark S&P/ASX 200 index lost 23.5 points to
5,062.6 as of 0059 GMT, also hurt as some blue chip stocks such
as global miner BHP Billiton went ex-dividend.
The index hit a 4-1/2 year high last Thursday but has since
pulled back on fresh concerns over sluggish growth in China and
the budget spending cuts in the United States.
BHP fell 2.9 percent to A$35.78. Rio Tinto dropped
2.1 percent.
Most big banks advanced, led by National Australia Bank Ltd
which added 0.8 percent. Westpac Banking Corp
lost 0.6 percent.
Defensive stocks were stronger as investors rotated out of
risk assets. Blood product maker CSL Ltd rose 0.7
percent, and Australia's flagship phone company Telstra Corp Ltd
edged 0.2 percent higher.
New Zealand's benchmark NZX 50 index fell 1.1
percent to 4,268.5.

STOCKS ON THE MOVE
* Southern Cross Media Group Ltd jumped 3.6 percent
to A$1.58, after it said its board was reviewing a number of
strategic options and any merger with other metropolitan
television networks was prohibited.
Ten Network Holdings Ltd, another Australian TV
network, surged 4.7 percent to A$0.38.
(0055 GMT)

* Australian grain handler GrainCorp Ltd slipped
0.3 percent to A$12.20, after the U.S. giant agribusiness
company Archer Daniels Midland Co said it could still
make another bid after being rejected twice earlier.

(0054 GMT)

* Australian steel maker and iron ore miner Arrium Ltd
tumbled 5.3 percent to A$1.12 as it traded ex-dividend.
(0054 GMT)

($1= A$0.9818)

(Reporting by Maggie Lu Yueyang; Editing by Edwina Gibbs)