* SSEC +0.7 pct, CSI300 +0.8 pct, HSI -1.4 pct, HSCE -1.1 pct
* Financials led A-shares up but volumes dropping
By Jake Spring
BEIJING, Dec 16 (Reuters) - China stocks climbed on Tuesday while Hong Kong shares fell, with the divergence between the prices of financial counters listed in both places widening.
The CSI300 index of leading shares listed in Shanghai and Shenzhen rose 0.8 percent, to 3,241.36 points at the end of the morning, while the Shanghai Composite Index gained 0.7 percent, to 2,975.37 points.
Helping lift the mainland indexes were brokerage shares, but Chinese financials slipped in Hong Kong.
The Hang Seng index dropped 1.4 percent, to 22,704.48 points.
The Hong Kong China Enterprises Index lost 1.1 percent, to 11,094.31.
The index measuring price differences between dual-listed companies in Shanghai and Hong Kong stood at 117.21, compared with 114.61 at the end of Monday trading.
A value above 100 indicates Shanghai shares are priced at a premium to shares in the same company trading in Hong Kong.
While blue chip financials have led the bull market in Shanghai and Shenzhen in recent weeks, some analysts question how long their rally can last, given the traditional preference for smaller cap shares by Chinese investors.
"Turnover in financial stocks actually has shrank recently, which makes me believe the interest in financial blue chips might not last in the medium- to long-term," said Du Changchu, an analyst at Northeast Securities in Shanghai.
Turnover on the CSI300 Financial Index has dropped sharply over the last four trading days, after hitting a record high on Dec. 9.
A cut in the reserve requirement ratio for mainland banks, which some analysts predict could come before the end of the year, could restart a rally but would prove less potent than the Nov. 21 interest rate cut, Du said.
CITIC Securities led the sector trading up 7.3 percent at the end of the morning session, followed by a 5.3 percent rise in Haitong Securities.
Hong Kong stocks ended a volatile morning session lower as investors were discouraged by weakness in the U.S. and other emerging markets.
Investors are worried about what the Federal Reserve might say about when U.S. interest rates will start to rise after its policy meeting this week, said Castor Pang, head of research at Core Pacific-Yamaichi in Hong Kong.
Total volume of A shares traded in Shanghai was 27.47 billion shares, while Shenzhen volume was 12.49 billion shares.
Total trading volume of companies included in the HSI index was 1.1 billion shares. (Additional reporting by Engen Tham and Shanghai newsroom; Editing by Pete Sweeney and Richard Borsuk)