China stocks fall despite fresh policy support, Hong Kong up
* CSI300 -0.2 pct; SSEC -1.2 pct; HSI +0.6 pct
* Market gives muted reaction to fresh supportive policies
* 12 China-listed firms say top managers, shareholders buy shares
SHANGHAI, July 2 (Reuters) - China stocks had another highly volatile session by midday on Thursday despite fresh government measures aimed at putting a floor under the market's recent sell-off.
Hong Kong's benchmark Hang Seng index rose, a day after markets were closed for a holiday, taking cues from global equity markets.
Late on Wednesday, China's securities regulator relaxed rules on using borrowed money to speculate on stock markets, letting brokerages set their own tolerance level on margin calls, and allowing the roll-over of margin lending contracts.
In addition, China's two major stock exchanges in Shanghai and Shenzhen said they would cut transaction fees effective Aug. 1.
Investors gave a muted response to the announcements - with the same kind of apathy toward a raft of other measures unveiled over the past few days - with major indexes heading south immediately after the opening, although they recovered much of their losses by midday.
By the end of morning trade, the CSI300 index fell 0.2 percent, to 4,244.55 points, while the Shanghai Composite Index lost 1.2 percent, to 4,003.54 points. Continuación...