* HK shares up following U.S. Federal Reserve's comments
* China shares down slightly rebounding from previous drop
* HKEx rises 2.8 pct cheered by a modest rise in Q2 earnings (Updates to mid-morning)
By Parvathy Ullatil & Claire Zhang
HONG KONG, Aug 13 (Reuters) - Hong Kong shares were 1.87 percent higher on Thursday, reclaiming some lost ground from the previous session, following overnight gains on Wall Street on the back of supportive comments from the U.S. Federal Reserve.
But the Shanghai Composite Index was slightly lower, but recovering from its lowest interday level in five weeks as worries persisted that this year's heated rally had overshot economic recovery and that a retrenchment in bank lending would hurt market liquidity.
"Investors are not comfortable with the speed of the decline in the A-share market. And seeing that the market is moving in a very volatile range, investors don't see any point in being agressive at this point," said Alex Wong, director with Ample Finance Group.
By 0351 GMT, the benchmark Hang Seng Index was up 1.9 percent at 20,823.57.
The China Enterprises Index, which represents top locally listed mainland Chinese stocks, was up 1.6 percent at 11,849.72. Hong Kong Exchanges & Clearing (HKEx) rose 2.8 percent to HK$150.10 as analysts cheered the modest rise in the bourse operator's second-quarter net profit, on the back of improving trading volumes and increased capital raising activity.
Goldman Sachs reiterated its "buy" rating and increased its target price on the world's largest exchange operator by market value to HK$200 from HK$124 based on its increased GDP growth expectations for China and reflecting a Greater China capital markets convergence.
Fushan International Energy rose 6.6 percent and Hopson Development Holdings jumped 4.6 percent after the stocks were included in the MSCI Emerging Markets Index following the latest index review.
Hutchison Telecommunications International Ltd dropped 7.1 percent after the company sold its stake in Israeli telecom operator Partner for $1.38 billion in a bid to offset losses elsewhere.
HSBC downgraded the stock to "underweight" from "overweight" on the back of uncertainties surrounding the Partner deal, including doubts about the payment of a special dividend to investors.
SHANGHAI SHARES LAG
The Shanghai index was down 0.40 percent at 3,100.394 points after slipping to 3,060.119, down 1.7 percent -- its lowest since July 8. The index had tumbled 4.7 percent the previous day and had shed more than 10 percent from last week's 14-month peak.
Losing Shanghai A shares outnumbered gainers by 653 to 268, while turnover for Shanghai A shares dipped to 75.3 billion yuan ($11.0 billion) from Wednesday morning's 79.7 billion yuan.
A clampdown in bank lending in July and central bank statements that it would fine-tune its loose monetary policy fuelled worries about a tightening of the ample market liquidity that helped propel this year's rally of more than 90 percent in the benchmark index.
Central bank chief Zhou Xiaochuan said late on Wednesday, however, that China had been fine-tuning its monetary policy for years, playing down views that there was anything new in a recent statement that it would undertake "dynamic fine-tuning".
The Securities Times cited an estimate from unnamed bank executives that new bank loans in China would come to more than 3 trillion yuan ($439 billion) in the second half of the year, down from 7.72 trillion in the first half but suggesting a higher average monthly level than July's 356 billion yuan.
J.P. Morgan said on Wednesday that China's stock market would resume its rally after a short-term consolidation, which would last a bit longer in the short term.
Metal shares gained, with Jiangxi Copper rising 2.62 percent to 40.39 yuan, after sliding 7.4 percent on Wednesday. Shanghai copper futures prices jumped their daily limit after the metal's price rose on the LME.
Yunnan Aluminium rose 0.69 percent to 14.44 yuan after the official China Securities Journal reported that its parent Yunnan Metallurgical Group had agreed to take over Alcoa Inc's subsidiary in Shanghai. (Editing by Edmund Klamann and Chris Lewis)