China stocks steady after rate-cut rally, Hong Kong weaker
* SSEC +0.7 pct; CSI300 +0.5 pct; HSI -0.3 pct
* China property shares weaker, small caps climb to new highs
* Some sectors may not have fully priced in China rate cut
SHANGHAI, May 12 (Reuters) - Chinese stocks held steady on Tuesday morning, taking a breather after the previous session's rally triggered by optimism over the central bank's interest rate cut on the weekend.
Real estate stocks retreated on profit-taking, but Shenzhen's start-up board ChiNext remained bullish, touching fresh highs.
"The market is taking a respite after the rate cut, and I expect to see it having a consolidation period for a while," said Zhang Qi, analyst at Haitong Securities in Shanghai.
"Some investors liquidated their position and left the market in the morning," he said, adding that after recent steep rises over the past two months, valuations are no longer low.
The CSI300 index rose 0.5 percent, to 4,711.45 points at the end of the morning session, while the Shanghai Composite Index gained 0.7 percent, to 4,362.38 points.
China CSI300 stock index futures for May rose 0.2 percent, to 4,661.4, 50.05 points below the current value of the underlying index. Continuación...