China stocks mixed as banks drag, Hong Kong market slips
* CSI300: +0.4 pct; SSEC: -0.4 pct; HSI: -0.5 pct
* Banking shares weighed down by lacklustre Q1 results
* Resource shares surge on tax reforms
By Samuel Shen and Kazunori Takada
SHANGHAI, April 29 (Reuters) - Chinese stocks were a mixed bag on Wednesday morning as banking shares were depressed by lacklustre first-quarter earnings while resource companies surged on new tax reforms.
China's banking sub-index fell 0.9 percent, following weak bank results showing more evidence of a cooling economy and foreshowing earnings announcements by other major lenders later on Wednesday.
Bank of Communications Co , the fifth-biggest lender, reported a sharp fall in first-quarter net interest margin late on Tuesday, while Agricultural Bank of China Ltd (AgBank) , the third-largest, posted its slowest quarterly profit growth in six years.
Liu Yang, fund manager at Bosera Asset Management Co, said he expects non-banking financial institutions such as brokerages and insurers to outperform the broader market and fuel further rises in the stock indexes. Continuación...