MELBOURNE: Australian shares rose 0.5 percent in afternoon trade on Thursday, reversing earlier losses, as a measure of growth in China's factory sector accelerated to a two-year high in January, boosting local miners.   The HSBC flash purchasing managers' index (PMI) rose to 51.9 in January, the highest since January 2011..   The positive read from China, Australia's top export market, helped BHP Billiton recover earlier losses.   The benchmark S&P/ASX 200 index was up 24.7 points at 4,812.5 by 0248 GMT. It rose 0.2 percent to 4,787.8 on Wednesday, the highest close in almost 21 months.   "Resistance levels are going to kick in. We expected a positive day, however watch for profit-taking as we enter 4,800 to 4,810," said Evan Lucas, strategist at IG Markets.   Top banks were all higher, led by a 1.5 percent rise in National Australia Bank.   The country's leading telecommunications company Telstra Corp gained 1.1 percent.   New Zealand's benchmark NZX 50 index inched up 0.1 ...