* CSI300 +0.9 pct, SSEC +0.4 pct, HSI -0.2 pct, HSCE -0.4 pct
* ChiNext Composite Index up over 3 percent, lift market
* Banking and brokerages still weak
* Hong Kong weak after sharp drop in both markets
By Chen Yixin and Kazunori Takada
SHANGHAI, Dec 10 (Reuters) - China stocks rose on Wednesday thanks to a rebound in small-cap shares, but see-saw movements in the indexes reflected investors uncertainty after Tuesday's slump brought the recent market surge to an abrupt halt.
The CSI300 index rose 0.9 percent, to 3,133.40 points at the end of the morning session, recovering after losing as much as 1.6 percent during the morning session, while the Shanghai Composite Index gained 0.4 percent to 2,867.55 points.
"Both retail and institutional investors become cautious in the absence of clear direction," said Zhang Yanbing, analyst at Zheshang Securities in Shanghai.
"Think of this as psychological warfare; no one knows the direction for now, everyone is waiting for further good news to stimulate the market again."
He and other analysts said the market had entered a correction phase after a multi-day rally, but would emerge with its underlying bullishness intact.
The official China Securities Journal said in a front-page commentary on Wednesday that China's stock market remained a bull market and sharp, short-term fluctuations do not signal an end to the upward trend and should allow investors an opportunity to re-position.
However, state financial media has generally been bullish on shares regardless of the environment, in line attempts by regulators to draw retail investors back to the equity market after years of apathy.
Securities traders also tend to be bullish due to a lack of shorting instruments available to retail investors, leaving brokerages with few ways to turn a profit during a bear market.
The Nasdaq-style ChiNext Composite Index of mostly high-tech start-ups listed in Shenzhen ended the morning session up 3.4 percent, lifting the broader index.
But China CSI300 banking index was down 1.1 percent after diving 9 percent on Tuesday. A total of 9 brokerage shares slumped over 5 percent, including Founder Securities and Guoyuan Securities
In Hong Kong, the Hang Seng index dropped 0.2 percent, to 23,443.08 points.
The Hong Kong China Enterprises Index lost 0.4 percent, to 11,290.64.
Analysts said Hong Kong investors have become more cautious after the sharp drop in both Hong Kong and mainland markets on Tuesday.
"But from the morning session, the momentum from China's rebound seems weak, which put hurdles for Hong Kong to follow," said Castor Pang, head of research at Core Pacific-Yamaichi in Hong Kong. "In the short term, most investors want to cash their Chinese financial shares."
The index measuring price differences between dual-listed companies in Shanghai and Hong Kong was at 112.69. 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 29.39 billion shares, while Shenzhen volume was 13.18 billion shares.
Total trading volume of companies included in the the HSI index was 1.1 billion shares.
Editing by Simon Cameron-Moore