* Shanghai slips 0.15 pct; Hong Kong down 0.35 pct
* HK developers slump on government's property curbs
* China banks fall as Beijing ups reserve requirement again
(Updates to close)
By Jun Ebias and Farah Master
HONG KONG, Nov 22 (Reuters) - Shares in Hong Kong and Shanghai slipped on Monday, extending last week's losses, after Hong Kong imposed fresh measures to cool the property sector and China raised banks' reserve ratios again to curb inflationary pressures.
Hong Kong developers slumped after the government unveiled new steps to slow surging property prices, including a new stamp duty on residential transactions. [ID:nTOE6AI04Z]
But a weak U.S. dollar and higher commodity prices buoyed resources counters, limiting losses in the broader market.
"We have two opposing forces in the market," said Ben Kwong, chief operating officer at KGI Asia Ltd.
"On one hand, you have monetary tightening in China and anti-speculative measures in Hong Kong that are pulling down banks and properties. But it seems the weakness in the dollar is limiting the downside because it is favourable for commodities."
The benchmark Hang Seng Index fell 0.35 percent to 23,524.02 points, but was expected to trade in a relatively narrow range this week as investors wait for China's next moves to tackle accelerating inflation. More interest rate rises are widely expected. [ID:nTOE6AL030]
Hong Kong's property sub-index slid 2.6 percent to a two-month low, with property agency Midland Holdings Co Ltd slumping 17.4 percent on expectations revenue will fall after the latest cooling measures. [ID:nTOE6AI04Z]
Consumer plays bucked the trend. Chinese noodle maker Tingyi Holdings was up 1.4 percent, while beer manufacturer Tsingtao Brewery rose 1.9 percent.
Fidelity International, which has more than $20 billion invested in Chinese shares, likes consumer plays such as retailers and food makers, said Anthony Bolton.
He expects consumer counters to benefit from China's move to promote an economy led by domestic consumption economy and lessen its dependence on exports.
"China's growth is going to come down to 7-8 percent next year," Bolton, Fidelity's president of investments, said in a luncheon speech at the Foreign Correspondents Club. "But it still looks attractive in a low-growth world."
Oil firm Sinopec was up 1.4 percent, while gold miner Zijin Mining gained 1.9 percent.
BANKS PULL CHINA DOWN
The Shanghai Composite Index ended down 0.15 percent at 2,884.4, after falling 3.2 percent last week on fears Beijing may be contemplating more aggressive policy tightening to quell inflation.
Large gains in sectors such as information technology failed to offset weakness in heavyweight banking shares.
Analysts said there was not enough momentum for the index to rise much above the 250-day moving average, now at around 2,888 points.
"There is continuous caution over further tightening. The amount of cash in the market will gradually fall back, so there is less opportunity for buying large-caps," said Cheng Yi, analyst at Xiangcai Securities in Shanghai.
"For specific stocks and small, medium sized companies, opportunity is ample," he said.
The central bank late on Friday raised banks' reserve requirements for the fifth time this year, a measure aimed at reducing the amount of cash in the financial system as part of its fight against inflation. [ID:nL3E6MJ0N8]
Merchants Bank fell 2.3 percent, Pudong Development Bank lost 1.9 percent, while Minsheng Bank dropped 1.9 percent.
"The market is under pressure, with inflation rising much faster than anticipated," said Wang Aochao, analyst at UOB Kay Hian in Shanghai.
Wang, who was previously very bullish on the outlook for the Shanghai market, said he had changed his outlook, citing accelerating inflation, additional pressure from slowing global demand and an appreciating yuan.
Still, information technology stocks outperformed as retail investors rushed into what they view as the latest sector likely to gain from government support.
Guangdong Shengyi Sci Tech jumped 8.3 percent, while computer hardware firm Founder Tech , the most actively traded stock, jumped its 10 percent limit.
Volume rose but remained off from highs seen in October's liquidity fuelled rally. Turnover of Shanghai A shares edged up to 162 billion yuan on Monday from 155 billion on Friday.
(Editing by Kim Coghill)
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