China stocks up at midday after policy change on futures trading
* CSI300 +0.3 pct, SSEC +0.9 pct, HSI +0.2 pct
* Futures index 'died' - market commentator
* Most sectors except financials up after policy move
SHANGHAI, Sept 7 (Reuters) - China's main indexes rose on Monday in the first trading after a two-day holiday during which further restrictions on futures trading were announced.
Financials were broadly down, likely reflecting the move to raise the cost of futures purchases, but most other sectors were up at midday.
The policy move on Wednesday evening - raising margin requirements for non-hedging futures contracts to 40 percent of contract values from 30 percent - is another blow to the nascent futures exchange, which regulators partly blamed for China's recent equities volatility.
"Today China's futures index died," Yang Tao, an influential investment commentator, wrote on Weibo, China's popular microblogging service.
Futures trading volume "has receded dramatically. After today, stock market movements will no longer have any meaningful relation with the futures indices," he said.
Nonetheless, futures themselves were up sharply. China CSI300 stock index futures for September rose 6.4 percent, to 3,222, or 154.15 points below the midday value of the underlying index. Continuación...