* SSEC +1.6 pct CSI300 +2.1 pct HSI +0.5 pct, H-shares +1.5 pct
* SSEC and CSI300 indexes up 5.3 pct and 7.9 pct in past 4 days
* Analysts warn of profit-taking pressures building
* Hong Kong tracks bullish mainland market
By Chen Yixin and Pete Sweeney
SHANGHAI, Dec 4 (Reuters) - China and Hong Kong shares rose on Thursday led by financials, as the market's bullish rally on expectations of further economic stimulus measures showed no signs of losing steam.
Most economists believe it is not a question of whether Beijing will roll out more stimulus measures but when, with many expecting both further interest rate cuts and reductions in banks' reserve requirement ratios (RRR).
The CSI300 index rose 2.1 percent, to 3,029.58 points at the end of the morning session, while the Shanghai Composite Index gained 1.6 percent, to 2,824.43 points.
Banking and brokerage shares remained the biggest supports for the market, with China Merchants Bank up more than 8 percent and Hong Yuan Securities hitting its 10 percent daily limit for the third consecutive day.
Technical indicators show both main China indexes are heavily overbought, leaving them vulnerable to profit-taking. The relative strength indicator (RSI) for the CSI300 has topped 90.
Hong Kong shares also rose on Thursday with sentiment buoyed by the recent rally in financial stocks on the mainland.
The Hang Seng Index added 0.5 percent, to 23,551.46 points. The Hong Kong China Enterprises Index gained 1.5 percent, to 11,230.89 points.
"(Hong Kong) investors have recently dumped stocks they used to own and switched to China financials as Shanghai shares have been continuously rallying," said Alex Wong, director at Ample Finance Group in Hong Kong.
The index measuring price differences between dual-listed companies in Shanghai and Hong Kong further widened to 111.95, indicating markets are pricing in a heavy premium on Shanghai shares.
A value above 100 indicates Shanghai shares are pricing at a premium to shares in the same company trading in Hong Kong, and vice versa.
Total volume of A shares traded in Shanghai was 26.25 billion shares, while Shenzhen volume was 14.33 billion shares. (Additional reporting by Shanghai Newsroom; Editing by Jacqueline Wong)