(Updates to midday)
HONG KONG/SHANGHAI, July 3 (Reuters) - Hong Kong shares bounced off early lows as lower crude oil prices supported gains in top refiner Sinopec, but a bleak U.S. jobs report nudged the market into its fourth straight day of losses on Friday.
While Hong Kong shares are headed for a weekly loss, the Shanghai index looks set for a nearly 5 percent weekly gain with expectations of strong lending growth and a rise in power output in June boosting optimism over an economic recovery.
Defying the slump in the broader Hong Kong market, shampoo maker BaWang International (Group) Holdings soared more than 30 percent on its debut, after its $214 million IPO ranked among the most popular issues this year with its retail portion subscribed more than 400 times.
Another market debutante, China Qinfa also fared well with shares in the coal trading company rising 7.1 percent by midday.
Here are the index moves and top stock moves in both markets by midday-
HONG KONG
* The benchmark Hang Seng Index was 0.5 percent lower at 18,094.66, headed for a loss of 2.7 percent in the holiday-shortened week.
* Asia's biggest oil refiner Sinopec Corp advanced 1.7 percent to HK$5.97 as crude oil fell towards $66 per barrel after the latest U.S. payroll data signalled the world was still grappling with a deep recession.
* The local market managed to outperform the sharp drop on Wall Street overnight.
"The market fell every day this week, so a lot of the negative impact from the employment data seems to have been discounted. The main index will continue to move between 17.500 and 19,000," said Jackson Wong, investment manager with Tanrich Securitis.
* The China Enterprises Index, which represents top locally listed mainland Chinese stocks, slipped 0.6 percent to 10,906.85.
* Coal stocks rose on Friday after following a news report that China's power output in June increased 3.6 percent from a year earlier, its first increase since October.
The world's most valuable coal miner China Shenhua rose 1.4 percent, while Yanzhou Coal inched up 0.4 percent.
* Casino operator Melco International Development dropped 5.5 percent to HK$3.94 after Credit Suisse cut its rating on the stock, and on shares of its 34.06 percent owned associate Melco Crown Entertainment Ltd to "underperform" from "neutral" following the below-expectations debut of its new casino in Macau.
* Melco Crown's City of Dreams casino in the Chinese gambling notched up a rolling chip turnover of $1.94 billion in its opening month in June, but the casino only won 0.8 percent of those bets compared with an expected win rate of 2.85 percent.
* Hunan Nonferrous Metals shed 3.1 percent after it warned of losses in the six months ended in June as the average selling price of lead and zinc products remained low and demand for tungsten and antimony products were unsatisfactory. The company posted a profit of 190.5 million yuan in the same period a year earlier.
SHANGHAI
* The Shanghai Composite Index ended the morning up 0.26 percent at 3,068.298, after rising to a 13-month intraday high for a fifth consecutive session.
* Gaining Shanghai A shares edged out losers by 475 to 439, while turnover in Shanghai A shares slipped to 85.5 billion yuan ($12.5 billion) from Thursday morning's heavy 100.3 billion yuan.
* "There's a smooth rotation among rising sectors, money inflows are exceeding outflows in the market and sentiment is holding up despite Wall Street's loss, with the economic situation in China much better than overseas. The index could keep rising," said CITIC-Kington Securities analyst Qian Xiangjing.
* The official Shanghai Securities News on Friday reported that new lending by Chinese banks was likely to exceed 10 trillion yuan ($1.46 trillion) this year, even as bank regulators warned about risks from improper loans.
* Coal and power shares climbed after news that power output rose 3.6 percent in June from a year earlier, the first increase in a non-holiday month since October. Datang Power jumped 3.99 percent to 8.60 yuan.
* Shenhua Energy gained 2.33 percent to 32.54 yuan. The official China Securities Journal cited unnamed company executives as saying it planned to increase its annual production capacity to 400 million tonnes by 2014, up from 190 million tonnes this year.
* Property shares outperformed, with China Vanke gaining 1.35 percent to 13.53 yuan. Most institutions rated the property sector a "buy" due to rising sales and prices, analysts said. (Reporting by Parvathy Ullatil in HONG KONG and Claire Zhang in SHANGHAI; Editing by Edmund Klamann and Chris Lewis)