China shares supported by telecoms, Hong Kong mixed
* CSI300 flat; SSEC +0.3 pct; HSI +0.3 pct
* Policy easing fully priced in; investors focus on stock picks
* Telecom stocks jump on policy support; steel shares fall
By Samuel Shen and Kazunori Takada
SHANGHAI, May 14 (Reuters) - Telecom stocks in China rose on Thursday after Beijing said it planned to accelerate development of high speed broadband networks, while heavy industries slipped on further evidence of slowing economic momentum.
China's money supply grew at its slowest pace on record and investment growth sank to its lowest in nearly 15 years, data for April showed on Wednesday, building the case for further policy easing.
Optimism of more government stimulus to prop up flagging growth can no longer excite the market as easing has been priced in, said Chen Zhizhong, Shenzhen-based analyst at China Merchant Securities.
"The market has already priced in additional cuts in interest rates and reserve ratios this year. The opportunity now is structural," said Chen, who expects growth stocks and blue chips to take turns winning investor favour.
The CSI300 index was unchanged at 4,720.36 points at the end of a choppy morning session, while the Shanghai Composite Index gained 0.3 percent, to 4,387.33 points. Continuación...