* Ping An falls on doubts about Shenzhen Bank stake buy
* Commodity-linked stocks nailed by weaker oil, metal prices
* HK new listing Lumena soars 19 pct on debut (Updates to close)
By Parvathy Ullatil & Claire Zhang
HONG KONG/SHANGHAI, June 16 (Reuters) - Hong Kong shares pulled back 1.8 percent on Tuesday as investors reassessed risk assets following weak economic data from the U.S., while resource-linked counters were hard hit by falling commodity prices.
But new listing Lumena Resources Corp defied the slump in the broader market, rising 19 percent from its listing price of HK$2.
"Reasonable, inexpensive pricing made the stock appealing to investors, especially in a market flooded with liquidity," said Alfred Chan, a chief dealer at Cheer Pearl Investment.
The Chinese chemicals maker soared to HK$2.38 in its trading debut with shares worth HK$1.2 billion changing hands as investors looked for bargains. Hong Kong stocks are trading at more than 16 times their price-to-earnings multiple, compared with less than eight times for Lumena.
China stocks slipped 0.5 percent, weighed down by Ping An Insurance on potential concerns over a bank acquisition deal, but outperformed overseas markets amid upbeat signs on the economy.
PING AN DRAGS SHANGHAI BENCHMARK
Ping An sagging 4.9 percent to 43.85 yuan as investors were wary about the likely benefits of a deal to boost its stake in Shenzhen Development Bank to close to 30 percent.
Ping An rose only 2.30 percent on Monday after the announcement of the deal over the weekend, while Shenzhen Bank rose 2.68 percent to 22.59 yuan on Tuesday after soaring by its 10 percent daily limit on Monday. Despite the day's loss, Ping An is still up 65 percent for the year, compared with 52 percent for the Shanghai benchmark index.
In Hong Kong, Ping An extended the previous session's losses after Nomura cut its rating on the stock, following a Citigroup downgrade on Monday, to "neutral" from "buy", saying the short-term risks from the acquisition could outweigh its long-term benefits.
The stock slid 5.1 percent to HK$54.25.
The Shanghai Composite Index ended down 13.527 points at 2,776.022 points.
Losing Shanghai A shares outnumbered gainers by 522 to 392, while turnover in Shanghai A shares slipped to 107.9 billion yuan ($15.8 billion), the lowest so far this month, from Monday's 108.3 billion yuan.
Brokerage shares outperformed, with CITIC Securities rising 3.5 percent to 28.57 yuan, buoyed by expectations of an imminent restart of IPOs that would boost their business.
Sentiment was supported by an official media report on Tuesday that China's average daily power output, considered a leading indicator for industrial activity, declined only 0.2 percent year on year in the first 10 days of June, compared with a 3.5 percent fall in May.
"Today's stock market outperformed overseas markets, but the index is still in consolidation mode and is expected to move in a limited range before the restart of IPOs," said Huatai Securities analyst Chen Huiqin. She said the anticipated resumption of IPOs was deterring investor buying interest.
Property shares were weak, with China Vanke sinking 2.52 percent to 10.83 yuan.
COMMODITY COUNTERS RUN OUT OF STEAM
Energy and other resources-linked stocks sank following the drop in commodity prices amid a firmer U.S. dollar and declines in the stock market.
Asia's largest oil and gas producer PetroChina shed 2.6 percent, while offshore oil specialist CNOOC shrank 5.5 percent to HK$9.90.
Metal and coal stocks were also beaten down, with Aluminum Corp of China (Chalco) down 3.5 percent, while China Coal Energy gave up 4.5 percent.
The benchmark Hang Seng Index ended down 333.46 points at 18,165.50 bouncing off an earlier low of 17,859.74.
"Rising bond yields are still a big overhang on the market. Asian equities are especially sensitive to yields on 10-year U.S. Treasury notes," said UOB Kay Hian director Steven Leung.
"But risk aversion is not that high, long funds have not started selling yet. There is hope the index will hold near 18,000 points," he said.
A pullback in the measure of regional manufacturing and an unexpected decline in homebuilder sentiment, challenged beliefs that the U.S. economy was poised for a rebound and pushed investors towards the safe haven of government bonds.
Turnover rose to HK$76.5 billion from Monday's HK$65.3 billion.
The China Enterprises Index of top mainland companies listed in Hong Kong fell 1.5 percent to 10,716.32. (Additional reporting by Donny Kwok; Editing by Edmund Klamann and Chris Lewis)