China stocks slump as economy worries offset SOE reform hopes; HK down
* CSI300 -3.5 pct; SSEC -3.2 pct; HSI -0.1 pct
SHANGHAI, Sept 14 (Reuters) - China stocks fell more than 3 percent on Monday morning as lingering concerns over the economy offset optimism that reform among state-owned enterprises (SOEs) would accelerate.
Hong Kong shares were also down, with investors focused on whether the United States would raise interest rates this month.
The CSI300 index fell 3.5 percent, to 3,229.76 points at the end of the morning session, while the Shanghai Composite Index lost 3.2 percent, to 3,097.71 points.
China CSI300 stock index futures for September fell 4.5 percent, to 3,156.8, 72.96 points below the current value of the underlying index.
Data released over the weekend showed that China's output of key industrial commodities including coal and steel weakened in August, as growth in China's investment and factory output missed forecasts.
The Bank of International Settlements said on Sunday that concerns over the world's major emerging economies, and in particular China, are growing as financial investors reassess the outlook for global growth.
"China's economy faces relatively big downward pressure, so investor sentiment remains weak," said Gu Yongtao, strategist at Cinda Securities.
Although China on Sunday unveiled details of how it would restructure SOEs, including partial privatisation and industry consolidation, "the plan has long been expected, so interest toward the theme could be short-lived," he said. Continuación...