There was no proxy in the file /etc/yum.conf. I specified the proxy setting and now "yum list updates" is working. A part of the output was:
Loaded plugins: fastestmirror
Loading mirror speeds from cached hostfile
* base: centos.01link.hk
* updates: centos.01link.hk
* addons: centos.01link.hk
* extras: centos.01link.hk
Updated Packages
ImageMagick.i386 6.2.8.0-4.el5_5.2 updates
ImageMagick.x86_64 6.2.8.0-4.el5_5.2 updates
NetworkManager.i386 1:0.7.0-10.el5_5.1 updates
Its written Updated Packages. Does this mean it has already updated? I thought that this command displays packages that need to be updated.