UPDATE 1-Most China shares up but financials slide

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SHANGHAI, Dec 26 (Reuters) - China's main stock index fell on Wednesday as financial shares sagged and other large-caps were soft. But most shares rose and turnover stayed active.

The Shanghai Composite Index .SSEC ended the morning 0.60 percent lower at 5,170.186 points. But gaining stocks outnumbered losers by 466 to 351, while turnover in Shanghai A shares was active at 61.3 billion yuan ($8.4 billion) against Tuesday morning's 65.7 billion yuan.

Second- and third-tier stocks outperformed, as financials remained depressed by concern that tightening monetary policy would hurt profit growth next year.

"The index is likely to consolidate around 5,200 points for at least a couple of days -- there's resistance around 5,373 points, the 60-day moving average," said Wu Lei, analyst at CITIC-Kington Securities.

But he and some other analysts still expect the index to hit 6,000 in the first quarter of 2008, after it apparently confirmed a bottom this month at the late November low of 4,778.727. "If the index can break cleanly above the 5,400-point level, it should target 6,000 points," Wu said.

Bank shares led the drop in large-caps, with industry leader Industrial & Commercial Bank of China (601398.SS)(1398.HK) down 2.10 percent to 7.91 yuan.

China Pacific Insurance (601601.SS), the country's third-biggest life insurer, edged up 0.25 percent to 48.29 yuan after surging 61 percent in its debut on Tuesday.

But the other two insurance shares stayed weak, with China Life (601628.SS)(2628.HK)(LFC.N) dropping 3.32 percent to 56.48 yuan and Ping An Insurance (601318.SS)(2318.HK) sliding 3.49 percent to 103.96 yuan. Some traders said there was selling of the stocks to raise money for investment in China Pacific.

Property shares, hit this month by signs that the residential real estate market is flagging as well as by monetary tightening, continued sagging. Vanke (000002.SZ) slipped 1.51 percent to 27.40 yuan. It is down 22 percent from this month's peak.

Two new shares staged strong debuts in Shenzhen, with Jiangsu Jiuding New Material 002201.SZ soaring 217 percent from its IPO price to 32.32 yuan, above analysts' forecasts of 26-29 yuan.

Xinjiang Goldwind Science & Technology 002202.SZ, the largest maker of wind power generating equipment in China, surged 276 percent to 135.39 yuan.

The shares almost tripled in the first 20 minutes of trade, causing a temporary suspension. Analysts had predicted a range of 90-100 yuan for its first day.

Oriental Securities said in a report that the company's net profits might hit 868 million yuan next year, up from an estimated 630 million yuan this year, though it also said the stock was not safe to buy above 120 yuan.

Anxin Trust (600816.SS) dropped 1.23 percent to 31.30 yuan on profit-taking. It had soared 21 percent over the past three trading days after saying it would place 1.362 billion A shares to buy CITIC Trust in a deal that will make it majority-owned by the CITIC group.

Chongqing Changjiang River Water Transport (600369.SS) shot up its 5 percent daily limit for the 22nd straight trading day. It has been surging since it said it would become the backdoor listing vehicle for Southwest Securities. ($1 = 7.33 yuan) (Reporting by Claire Zhang; Editing by Andrew Torchia)