* CSI300 -0.6 pct, SSEC -0.6 pct, HSI +0.7, HSCE +1.1 pct
* Property shares drag down market, but brokerages limit damage
* A-H share premium index hovers near 18-month high
By Chen Yixin and John Ruwitch
SHANGHAI, Dec 5 (Reuters) - Chinese stocks slipped early Friday, but the fall was checked by soaring brokerage shares and a key index could produce its best week this year as small investors stayed bullish.
The main indices both rose over 2 percent before investors booked profits, particularly on property shares that earlier surged on speculation Beijing would ease policy further.
At the end of the morning, the CSI300 index was off 0.6 percent at 3,084.98 points and the Shanghai Composite Index also lost 0.6 percent, to 2,881.28 points.
The Nasdaq-style ChiNext Composite Index of mostly high tech startups listed in Shenzhen slumped 3.3 percent.
“There is strong profit-taking pressure, with the index set to hit 3,000 points and after such a big jump,” said Zhang Yanbin, analyst at Zheshang Securities in Shanghai.
The real estate sub-index of the CSI300 fell 3.1 percent but remained up over 4 percent for the week.
Haitong Securities, Hong Yuan Securities and Southwest Securities rose their 10 percent daily limits.
The Shanghai Composite and CSI300 leapt around 20 percent during a bull run the past nine days after China’s first interest rate cut in more than two years.
The CSI300 is up over 9 percent this week and the SSEC 7 percent.
But volatility has also risen. Ten-day volatility on the CSI300 stood at over 30 on Friday, its highest since a cash crunch of 2013 saw indexes tank.
In Hong Kong, the Hang Seng index rose 0.7 percent, to 24,007.69 points, mainly supported by overseas flows, with financials leading gains. The Hong Kong China Enterprises Index gained 1.1 percent, to 11,611.39.
For the week, the indexes were up 0.1 percent and 4.2 percent, respectively.
“Overseas money inflows added to the momentum, leading to a high turnover today,” said Linus Yip, chief strategist at First Shanghai Securities in Hong Kong.
Hong Kong shares of dual-listed Chinese firms continued to trade at sharp discounts to onshore versions, with the A-H share premium index hovering near an 17-month high.
The index was down about 0.14 percent at 113.72. A value over 100 indicates that shares in dual-listed companies are cheaper in Hong Kong than in Shanghai.
Total volume of A-shares traded in Shanghai was 43.73 billion shares, while Shenzhen had 21.08 billion shares.
Official data showed Chinese retail investors, who conduct 60-80 percent of mainland stock trades, opened over a million brokerage accounts in November, up 280 percent from a year earlier. (Additional Reporting by Jane Lee and the Shanghai Newsroom; Editing by Richard Borsuk)