* HSI -1.1 pct, H-shares -0.9 pct, CSI300 +0.1 pct
* Investors sell high-beta stocks amid uncertainties in Asia
* CNOOC jumps to 6-month high after positive H1 results
* Biostime rises 7.9 pct after H1 profit
By Yimou Lee
HONG KONG, Aug 21 (Reuters) - Hong Kong shares fell again on
Wednesday as cautious investors sold high volatility counters on
concerns over outflows from Asian markets and uncertainty over
whether a coming China economic survey will be encouraging.
The Hang Seng Index, which has dropped the past four
days, was down 1.1 percent at midday to 21,724.93 points, its
lowest since Aug. 8. The China Enterprises Index of the
top Chinese listings in Hong Kong fell 0.9 percent.
The CSI300 rose 0.1 percent, as did the Shanghai
Composite Index, which was at 2,074.26 points. Both
reversed early losses just before the midday break.
"Most investors are trying to reduce their risks. They are
selling some high-beta stocks," said Core Pacific-Yamaichi head
of research Castor Pang. "This will be the major trend for the
The HSBC China "flash" manufacturing purchasing managers
index (PMI) for August, the earliest indicator of manufacturing
activity in the mainland, is due on Thursday.
Official media reports on Wednesday said that Beijing is
planning to set up a committee system to enhance the regulation
and coordination in the country's financial industry. The
committee will regulate financial instruments, currency and
financial policies, according to the reports.
The news came after a glitch in Everbright Securities'
trading system last Friday caused its accidental
purchase of more than $1 billion worth of mainland shares.
Shares of Everbright Securities, which plunged the maximum
10 percent limit in Shanghai on Tuesday, fell another 5 percent.
Mid-sized Chinese banks were broadly weak, with Minsheng Bank
down 0.9 percent.
China's top offshore oil explorer CNOOC Ltd jumped
4.2 percent to a six-month high after the company posted on
Tuesday a better-than-expected first-half profit and said it is
on track to meet its 2013 output target.
Chinese coal producer and distributor China Coal Energy Co
Ltd dropped 2.1 percent reporting a 38 percent
year-on-year fall in first-half net profit.
Infant formulas producer Biostime International Holdings Ltd
jumped 7.9 percent to a two-month high after its
first-half profit rose 8.6 percent from a year earlier. During
that half, it paid a fine of 162.9 million yuan ($26.6 million)
imposed by the National Development and Reform Commission for