China stocks rise in volatile morning session led by financials, energy
* CSI300 +0.1 pct, SSEC +0.4 pct
* HSI +1.23 pct, HSCE +2.9 pct
* Investors shifting from brokerages to banks
* Small cap ChiNext index slides 5 pct
SHANGHAI, Dec 22 (Reuters) - China stocks rose on Monday in a volatile morning session, as investors ploughed funds into electrical utilities shares on hopes of reform, while banks saw a dramatic spike before a sell-off ensued.
The CSI300 index rose 0.1 percent to 3,385.57 points at the end of the morning session. The Shanghai Composite Index gained 0.4 percent to 3,120.85 points, off earlier gains of nearly 2 percent thanks to the CSI300 bank share index of heavyweights, which soared over 8 percent before investors cashed in on the rally.
The rise was led by Bank of China, still up 9.3 percent at the end of the morning session.
"Investors are switching from brokerages to banks on fears that brokerage shares are over-heating," said Chen Xingyu, banks analyst at Phillip Securities (Hong Kong) Ltd.
Others suspected the rally of being a case of continued positioning in advance of expected future monetary easing. Continuación...