Hong Kong shares slip from 5-month high, China edges lower
* HSI -0.3 pct, H-shares -0.2 pct, CSI300 -0.3 pct
* Chinese dairy firms rise on report about more state support
* Hong Kong property firms lead losses after Tuesday rally (Updates to midday)
By Grace Li
HONG KONG, June 11 (Reuters) - Hong Kong shares slipped on Wednesday, with local property developers leading losses as investors took profits after the index closed at its highest since Jan. 2 in the previous session.
China shares also cooled after Tuesday's rally. One factor weighing on them was the decision of equity index provider MSCI not to add China's A-shares to its benchmark emerging markets index.
That news on Wednesday morning Asia time dented hopes of a considerable capital inflow to mainland markets.
Chia Chin Ping, managing director at MSCI, in March had estimated that inclusion of mainland listed A-shares in the emerging markets index could move as much as $12 billion into China's struggling stock markets as mutual funds and pension funds reallocated their portfolios.
At midday, the Hang Seng Index was off 0.3 percent at 23,238.88 points. The China Enterprises Index of the top Chinese listings in Hong Kong inched down 0.2 percent. Continuación...