* HSI, H-shares index both up 0.2 pct
* CSI300 slips 0.5 percent, Shanghai Comp down 0.4 percent
* Citic Pacific up 3.7 pct after tapping debt market
* Kweichow Moutai shares rebound
By Vikram Subhedar
HONG KONG, Dec 11 (Reuters) - Chinese shares eased from the
previous session's one-month high with weak mainland markets
cutting into Hong Kong's gains as investors stayed cautious
ahead of the U.S. Federal Reserve's last policy meeting this
The Hang Seng index and the China Enteprises index
of top locally listed mainland firms were both up 0.2
percent by the midday trading break. Shares of insurer AIA
Holdings were up 3.2 percent.
In China, the CSI300 of top Shanghai and Shenzhen
listings fell 0.5 percent while the Shanghai Composite
was down 0.4 percent.
The U.S. Fed begins a two-day meeting later on Tuesday. It
is expected to announce it will buy $45 billion per month of
longer-dated Treasuries beginning in January to replace the
current Operation Twist programme, which expires on Dec. 31.
Light profit-taking followed Monday's rally in mainland
markets after data showed China's banks lent more slowly than
expected in November while the pace of total financing
"The loan figures slightly missed consensus so that's
triggered a bit of a pull back," said a Hong Kong-based trader
at a Chinese brokerage.
However, gains by growth-sensitive stocks showed investors
are playing for a modest recovery in the Chinese economy, he
Shares of Citic Pacific rose 3.7 percent and were
the most actively traded stock on the Hang Seng after the
company, mired in financing issues related to its Australian
projects, tapped debt markets to raise up to $250 million.
Insurer AIA , the top performing stock after Citic, rose
after the U.S. Treasury said it had launched the sale of its
remaining stake in American International Group.
On the mainland, the beleaguered white liquor sector got a
lift after biggest producer Kweichow Moutai rebutted
reports it used additives in its products. Shares of the
company, which went untraded on Monday, were up 2.1 percent.
Real estate stocks were weaker in China as investors locked
in gains following the recent rally.
Poly Real Estate lost 1.5 percent while China
Vanke shed 0.5 percent.
Volumes remained relatively healthy in Shanghai, suggesting
retail investors, burnt after nearly three years of weak
markets, were getting back into stocks.