* SSEC -0.1 pct; CSI300 0.0 pct; HSI +0.7 pct
* Wall Street soars to new highs overnight
* Investors cautious waiting for outcome of regulatory
SHANGHAI, Dec 8 Hong Kong stocks reached a
five-week high on Thursday morning, after Wall Street set new
records ahead of a European Central Bank policy meeting later in
But China stocks were little changed, as
better-than-expected November trade data was countered by
another fall in foreign exchange reserves, which heightened
concerns of accelerated capital outflows and further yuan
The benchmark Hang Seng index added 0.6 percent at
the end of the morning session, to 22,948.38 points, while the
Hong Kong China Enterprises Index gained 1.0 percent, to
The blue-chip CSI300 index was unchanged at
3,475.30 points, while the Shanghai Composite Index
slipped 0.1 percent, to 3,220.53 points.
Risk appetites in China were curbed after data late
Wednesday showed foreign exchange reserves fell nearly $70
billion last month to the lowest level in nearly six years, as
the central bank struggled to prop up the yuan's value.
Resource shares advanced, despite the generally cautious
Steelmaker Baoshan Iron & Steel Co Ltd and Wuhan
Iron and Steel jumped in the morning session on the
heels of regulatory approval for their merger plan.
Zhang Yanbin, an analyst at Zheshang Securities, said
mainland markets were under correction after recent regulatory
moves on insurers' leverage buy-outs.
In the Hong Kong market, which often takes cues from Wall
Street, nearly all sectors rose.
Whether the rally is sustainable relies largely on the
outcome of the ECB meeting. It was widely expected that the ECB
might start preparing investors for an eventual tapering of its
(Reporting by Jackie Cai and John Ruwitch; Editing by Richard