China basic material shares sink after PMI hits 5-month low

* HSI -0.2 pct, H-shares -0.3 pct, CSI300 flat

* China Feb official PMI at 50.1 vs Reuters poll consensus 50.2

* Sun Hung Kai Properties slip after cutting sales forecast

* Chinese brokers A-shares lifted by reported plan to reform bond market

By Clement Tan

HONG KONG, March 1 (Reuters) - Chinese growth-sensitive energy and basic material stocks sank on Friday, hurt by official data on manufacturing activity in the world's second-largest economy that came in slightly below expectation at its lowest since September.

By 0234 GMT, steel-to-property conglomerate Citic Pacific declined 2 percent in Hong Kong after China's official Purchasing Managers' Index (PMI) eased to 50.1 after seasonal adjustments, a five-month low that underwhelmed a 50.2 Reuters poll consensus and down from January's 50.4.

Losses underperformed benchmark indexes in both on- and off-shore China markets. The Hang Seng Index was down 0.2 percent at 22,969.7 after posting its best daily gain in two months on Thursday. The China Enterprises Index of the top Chinese listings in Hong Kong was also down 0.2 percent.

In the mainland, the CSI300 of the top Shanghai and Shenzhen A-share listings was flat, while the Shanghai Composite Index was down 0.1 percent. Both indexes had their best daily gain in a month on Thursday.

Losses in the mainland were limited by strength in the brokerage sector after Reuters reported China is planning a major bond market reform to raise the money the ruling Communist Party needs for a 40 trillion yuan ($6.4 trillion) urbanisation programme to buoy economic growth and close a chasm between the country's urban rich and rural poor.

Citic Securities rose 0.6 percent in Shanghai and was flat in Hong Kong. Smaller rival Founder Securities climbed 2.1 percent in Shanghai.

Jiangxi Copper shed 2.6 percent in Hong Kong and 2 percent in Shanghai despite saying production at its Dexing Copper Mine had not been suspended in response to media reports about its environmental impact.

Sun Hung Kai Properties sank 1.6 percent after the world's second-largest property developer by market value cut full year sales guidance despite a positive first half corporate showing.

Chinese insurers were broadly weaker in the A-share market after China Life Insurance , the world's biggest insurer by market value, said on Thursday that its full-year 2012 profit could be 40 percent less than it was in 2011.