The Australian share market has outperformed other markets in the Asian region, as strength in the banking sector pushed it higher.

Commonwealth Bank shares closed at a record high, and its three rivals also posted strong gains.

That helped offset falls by energy stocks and metals companies.

Activity on the market was low, as investors wait for a central bank meeting in the US later in the week.

“Asia is not looking too flash at present,” IG chief market strategist Chris Weston said.

“The fact the ASX/200 has held up so well is positive, with financials and materials providing support.”

Japan’s market fell as investors were worried by talk of a delay to an anticipated increase in the country’s consumption tax.

A debt review in China had hurt sentiment on its market.

Locally, Commonwealth Bank added 21 cents to $73.86, above its previous best closing price of $73.49 in May.

Westpac gained 30 cents to $30.82, National Australia Bank gained 16 cents to $31.16 and ANZ was 23 cents higher at $29.64.

In the resource sector, BHP Billiton dropped five cents to $34.55, Rio Tinto shed 13 cents to $57.11 and Fortescue Metals added four cents to $3.65.

But gold miner Newcrest lost 26 cents to $12.15, while OZ Minerals shed eight cents to $4.05 after warning it would take a hit of up to $240 million in its first half results, largely due to lower copper and gold prices.

Energy companies also fell, with Woodside down 28 cents to $37.50, Santos down 17 cents to $13.64 and Oil Search five cents lower at $7.99.

KEY FACTS

* At close on Monday, the benchmark S&P/ASX200 index was up 4.3 points, or 0.09 per cent, at 5046.3.

* The broader All Ordinaries index was up 4.1 points, or 0.08 per cent, at 5027.9.

* On the ASX 24, the September share price index futures contract was two points higher at 5,010 with 17,323 contracts traded.

* National turnover was 1.3 billion securities worth $3.04 billion.