China stocks jump to 7-year high, led by financials; Hong Kong up too
* CSI +1.6 pct; SSEC +1.9 pct; HSI +1.4 pct
* Blue chips up, ChiNext cools off
* UBS sees money flow to Hong Kong in 2-3 quarters
* Some mainland money likely to flow to Hong Kong-UBS
By Samuel Shen and Pete Sweeney
SHANGHAI, May 22 (Reuters) - China stocks jumped to fresh seven-year highs on Friday morning, and looked set for their biggest weekly gain in two months, as investors raised bets that a month-long consolidation period is ending.
The CSI300 index rose 1.6 percent to 4,919.89 points at the end of the morning while the Shanghai Composite Index gained 1.9 percent, to 4,617.02 points. Both indexes were on track to post weekly gains of nearly 7 percent.
The Hong Kong market paced gains. The Hang Seng index added 1.4 percent, to 27,918.27 points. The Hong Kong China Enterprises Index gained 1.4 percent, to 14,332.92.
Sector rotation was obvious, with financial stocks , a recent underperformer, taking the lead. Shenzhen's start-up board ChiNext, which has been soaring, lost momentum and ended the morning flat. Continuación...