Australia shares outperform, NZ index moves off 2-week low

(Adds analysis, quotes, stocks on the move)

By Cecile Lefort and Gyles Beckford

SYDNEY/WELLINGTON, Nov 26 (Reuters) - Australian shares, which have underperformed regional markets the past two weeks, rallied nearly 1 percent on Wednesday with some investors covering short positions.

The technology, industrial and healthcare sectors were each up more than 1 percent.

The S&P/ASX 200 index was up 47.8 points to 5,382.6 at 0201 GMT, though it was still down 2.6 percent this month.

"The Australian share market had been underperforming in the last couple of weeks and bargain hunters have swooped in this session," said Ben Le Brun, a market analyst at OptionsXpress, adding he saw no particular reason for the recent sell off.

Resolute Mining was the biggest outperformer, soaring 24 percent to A$0.285 after it deferred expansion work at one of its mines.

Karoon Gas Australia (Other OTC: KRNGF - news) was another stand-out after an upbeat drilling report sent its shares 8.5 percent higher to A$3.19.

Gains were spread across the board with Macquarie Group up 1.23 percent and mining giant Rio Tinto (Xetra: 855018 - news) 1.7 percent.

Across the Tasman Sea, New Zealand's benchmark NZX50 index rose 0.4 percent to 5,465.44, as the market climbed off a two-week low after three consecutive days of losses.

Fletcher Building (NZSE: FBU.NZ - news) and telecommunications company Spark, the biggest stocks by market capitalisation, found support after recent weakness and rose more than 1 percent.

Auckland International Airport Ltd was up 3.4 percent to NZ$3.97 as it reported higher passenger numbers.

Healthcare software developer Orion Health Group had a strong debut after a NZ$120 million share offer, peaking at NZ$6.79, a 19 percent premium to the issue price, before easing back to NZ$6.58.

Children's clothing retailer Pumpkin Patch slumped 11.9 percent to a record low of NZ$0.26 after its annual meeting heard of possible store closures and a breach of banking covenants. (Editing by Richard Borsuk)