* SSEC -1.0 pct, CSI300 -0.7 pct, HSI +0.1 pct
* Hong Kong rises on telecommunication shares, but gains
* Investors wary ahead of OPEC meeting, Italy referendum
* China markets dragged by energy and raw materials
* Vanke shares up 3.4 percent after Evergrande raises stake
SHANGHAI, Nov 30 (Reuters) - Hong Kong stocks edged up on
Wednesday morning, taking their cue from Wall Street, but gains
were capped as investors remained cautious ahead of an OPEC
meeting and Italy's referendum result.
The benchmark Hang Seng index added 0.1 percent, to
22,766.58 points while the Hong Kong China Enterprises Index
gained 0.1 percent, to 9,852.73 points. The HSI index is
poised to drop more than 0.7 percent for the month of November.
Risk appetite in the Hong Kong market was curbed ahead of a
meeting of the Organization of the Petroleum Exporting Countries
(OPEC) in Vienna to discuss a planned production cut in an
effort to curb production.
Investors were also cautious as political risk resurfaced in
Europe ahead of a referendum in Italy this weekend, while
bullish U.S. GDP data strengthened expectations for a faster
pace of interest rate hikes.
In China, the blue-chip CSI300 Index is set to
snap a seven-day winning streak, as selling in the futures
market amid signs of liquidity stress triggered profit-taking.
The blue-chip CSI300 index fell 0.7 percent, to 3,539.62
points at the end of the morning session. while the Shanghai
Composite Index lost 1.0 percent, to 3,251.40 points.
For the month, CSI300 is set to rise roughly 6 percent, its
best monthly gain in eight months.
The government's efforts to steady the sliding yuan currency
and curb capital outflows added to fears of a liquidity squeeze
in the banking system, which hit equity and commodities markets.
Energy and the raw materials
sector suffered in both Hong Kong and China, dragged
by a slump in commodity prices.
An index tracking thermal coal prices in China lost
nearly 5 percent in the morning, while China's metal futures
also tumbled, amid signs of a spike in short-term borrowing
"There's a wave of stock reallocations targeting traditional
sectors among funds after Trump's (presidential) win, but now
the new economy, including the tech sector, is recovering as the
influence of the reallocation is fading," Linus Yip, strategist
at First Shanghai Securities Ltd said, referring to Hong Kong
Yip said the Hong Kong market would have a short-lived
rebound and remain roughly flat overall due to a sluggish
performance recently among heavyweights, including Tencent
Holding Ltd, AIA Group Ltd and China Mobile
Most sectors in Hong Kong rose, with telecommunication
shares among the best performers. China Unicom Hong
Kong Ltd jumped nearly 8 percent by midday.
In China, most sectors weakened but property shares
rebounded after losing ground on Tuesday following the Shanghai
regulator's announcement of fresh home purchase curbs.
The sector was lifted by index heavyweight China Vanke Co
Ltd, which climbed 3.4 percent in the morning, in
the wake of China Evergrande Group's announcement
released late on Tuesday that it had bought more shares in
China's biggest property developer.
(Reporting by Jackie Cai and John Ruwitch; Editing by