China stocks give up gains as rebound peters out; HK also down
* CSI300 -0.9 pct; SSEC -0.4 pct; HSI -0.2 pct
* Stock index futures turn bearish
* Government mulls post-crisis regulatory framework
SHANGHAI, July 20 (Reuters) - China stocks surrendered early gains and ended Monday morning lower, weighed down by financial heavyweights, and taking a bearish lead from index futures.
After a positive start, the CSI300 index lost upward momentum and ended the morning session down 0.9 percent, at 4,112.80 points. The Shanghai Composite Index lost 0.4 percent, to 3,940.15 points.
Banking, real estate and infrastructure stocks fell, but small caps extended their rebound, with Shenzhen's ChiNext up 0.3 percent.
"It is likely that there is some profit taking after the recent solid performance of the market," said Gerry Alfonso, director at Shenwan Hongyuan Securities Co.
He added that some retail investors might have considered selling when the Shanghai Composite index approached 4,000 -- viewed by some as a key psychological resistance level.
Most of the futures contracts tracking the CSI300 index of blue chips and the CSI500 index of small caps, slumped over 4 percent on Monday morning. Continuación...