(Updates to midday)
HONG KONG/SHANGHAI, June 16 (Reuters) - Hong Kong shares pulled back 3 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.
China stocks slipped 0.9 percent but outperformed regional markets on support from positive signs for industrial output in June.
Here are the index moves and top stock moves by midday-
HONG KONG
* The benchmark Hang Seng Index was 555.56 points lower at 17,943.40.
* "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$43.7 billion from midday Monday's HK$37.6 billion.
* The China Enterprises Index of top mainland companies fell 3.2 percent to 10,532.52.
* Ping An extended Monday's losses after agreeing to increase its stake in mid-sized lender Shenzhen Development Bank to close to 30 percent, from the less than 5 percent it holds in a deal deemed expensive by analysts.
* Nomura cut its rating on the stock to "neutral" from "buy", saying the short-term risks from the acquisition could outweigh its long-term benefits. The stock which has run up 54 percent in the last six months, egged on by a sharp rally by mainland bourses, slid 6.7 percent to HK$53.35 by midday.
* 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 4.2 percent, while offshore oil specialist CNOOC slid 5.5 percent.
* Metal stocks were also beaten down with Aluminum Corp of China (Chalco) down 5.1 percent, while Angang Steel had fallen 5.4 percent.
* New listing Lumena Resources Corp held strong, rising 8 percent from its listing price of HK$2 despite the slump in the broad market.
* Shares in the Chinese chemicals maker soared 14 percent to HK$2.28, the day's high, on their trading debut as investors looked for bargains. Hong Kong stocks are trading at over 16 times their price-to-earnings multiple, compared with less than eight times for Lumena.
SHANGHAI
* The Shanghai Composite Index ended the morning down 0.91 percent at 2,764.170 points.
* Financial shares were mixed, with Ping An Insurance (Group) sagging 4.5 percent to 44.05 yuan as investors remained wary about the potential 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. Shenzhen Bank rose 1.82 percent to 22.40 yuan on Tuesday after soaring its 10 percent daily limit on Monday.
* Losing Shanghai A shares outnumbered gainers by 658 to 254, while turnover in Shanghai A shares rose to 59.3 billion yuan ($8.7 billion) from Monday morning's 54.5 billion yuan.
* Brokerage shares outperformed, with CITIC Securities rising 2.03 percent to 28.16 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 2.79 percent to 10.80 yuan. (Reporting by Parvathy Ullatil in HONG KONG & Claire Zhang in SHANGHAI; Editing by Edmund Klamann and Chris Lewis)