China stocks tumble again as government hunts bull market killer; Hong Kong also down
* CSI300 -2.4 pct; SSEC -3.3 pct; HSI -0.2 pct
* Comments from c.bank, Premier Li to little to comfort investors
* Regulator goes after short-sellers
SHANGHAI, July 3 (Reuters) - China stocks slumped again on Friday, taking their three-week tumble to nearly 30 percent and wiping out most of this year's gains, prompting regulators to launch investigations into suspected market manipulation.
The Shanghai Composite Index plummeted more than 7 percent at one point in early trade. It ended the morning session down 3.3 percent at 3.785.6 points, heading for a weekly loss of nearly 10 percent.
The CSI300 Index was down 2.4 percent at 4.009.6, after sliding close to 8 percent earlier.
"This is a stock disaster. If it's not, what is it?" said Fu Xuejun, strategist at Huarong Securities Co.
"The government must rescue the market, not with empty words, but with real silver and gold," he said, saying a full-blown market crash would endanger the banking system, hit consumption and trigger social instability.
Comments from the central bank and Premier Li Keqiang on Thursday did little to calm panicky investors. The central bank vowed to guard against systemic financial risks, while Premier Li called for a stable and healthy capital market. Continuación...