* Rio Tinto (LON:RIO) gains as much as 2.5 pct; BHP up 2.9 pct
* Market participants raise resources exposure
* Financials weigh most on Aussie benchmark
By Aaron Saldanha
April 11 (Reuters) - Australia shares slipped on Wednesday as investors switched to resource plays from defensive sectors on strength in commodities after Chinese President Xi Jinping's comments about further opening the economy and lower tariffs on Tuesday.
Commodity prices were buoyed by the comments, while the export-influenced Australian dollar firmed, especially against safe haven currencies like the yen on Tuesday. you see money likely flowing towards the resource stocks, I think it is a rotation," said James McGlew, executive director for corporate stockbroking at Perth-based Argonaut.
The consumer staples, telcos and property trusts are traditionally seen as defensive parts of the market, he said.
The S&P/ASX 200 index .AXJO slipped 0.3 percent, or 19.2 points, to 5,837.8 by 0303 GMT. It rose 0.8 percent on Tuesday.
The financial index .AXFJ contributed the most to the benchmark's weakness, falling as much as 0.9 percent.
Westpac Banking Corp WBC.AX was the biggest drag on the main index, losing as much as 1.5 percent. Commonwealth Bank of Australia CBA.AX was the second largest contributor to the benchmark's fall, down as much as 1 percent.
Resources stocks gained, with the Australian mining index .AXMM rising up to 1.6 percent and on track to clock a fourth straight session of gains.
However, miner South32 Ltd S32.AX lost as much as 2.6 percent after the company said its Cerro Matoso operation accepted the Colombian Constitutional Court order to pay damages to local communities and that the company plans to appeal. behemoth Rio Tinto RIO.AX traded up to 2.5 percent higher while rival BHP BHP.AX gained as much as 2.9 percent.
The most-traded September iron ore on the Dalian Commodity Exchange DCIOcv1 was up 0.8 percent. stocks also gained with the sector index .AXEJ rising up to 1.1 percent to its highest in more than two months. Services firm WorleyParsons Ltd WOR.AX was 4 percent higher.
New Zealand's benchmark S&P/NZX 50 index .NZ50 slipped 0.3 percent, or 27.17 points, to 8,442.6, hurt by consumer staples and materials.
Homebuilder Fletcher Building Ltd FBU.NZ lost as much as 2.3 percent while medical devices maker Fisher & Paykel Healthcare Corp Ltd FPH.NZ was 2.5 percent lower.