HONG KONG, July 16 (Reuters) - Shares in Hong Kong and China rose on Thursday, buoyed by strong economic data from China and upbeat corporate earnings from the U.S. that reassured investors of a healthier global economic outlook.
China's annual gross domestic product growth accelerated in to 7.9 percent in the second quarter, from 6.1 percent in the first quarter, above forecasts and boosted by massive fiscal and monetary stimulus measures.
HSBC Holdings increased its China GDP forecast for 2009 to 8.1 percent on Thursday from 7.8 percent previously.
Financial stocks were bolstered as China also said it would maintain a proactive fiscal policy and moderately easy monetary stance, even as the central bank kept pushing up money market yields in another sign it is tightening liquidity to stem the surge in bank lending.
"Expectations for economic recovery to strengthen in the second half of the year should sustain confidence among investors," said Chen Shaodan, an analyst at Stockfly Securities in Beijing.
Here are the index moves and top stock moves by midday-
HONG KONG
* The benchmark Hang Seng Index was up 1.6 percent or 294.91 points at 18,553.57, with shares worth HK$38.3 billion changing hands.
* "The thin turnover indicates that the big funds are not really playing in the market now. Its mostly hedge funds and derivatives traders who are squeezing both the long and short positions as the index continues to shuttle between 17,000 and 19,000 points," said Andrew To, sales director with Taifook Securities.
* Sinotruk roared to life following a three-week suspension on Thursday, after Europe's third-largest heavy truckmaker MAN SE agreed to buy a 25 percent stake in the Chinese company for 560 million euros ($789.5 million) and co-develop trucks for emerging markets.
The stock was up 17 percent at HK$8.79 by midday after opening at HK$9.60 and compared with the acquisition price of HK$8.76 per share.
* The China Enterprises Index, which represents top locally listed mainland Chinese stocks, had risen 1.8 percent 193.19 points to 11,053.85.
* Chinese battery and electric car maker BYD Co rose 2.9 percent to HK$37.85 after saying it planned to issue up to 100 million A shares on the Shenzhen Stock Exchange to raise capital for development projects.
The company on Thursday said the cash raised would be used to fund lithium-ion and solar battery production and the expansion of automobile products and accessories.
* Sino Gold Mining vaulted 9.9 percent to HK$32.70 after it said gold production increased 51 percent in the quarter ended June from the same period a year earlier, at a cash operating cost of $391 per ounce.
* Chinese frozen meat provider DaChan Food (Asia) Ltd jumped
11 percent to HK$1.72 after it signed a 1.7 billion yuan ($248.9
million) deal to supply chicken to Yum Brands'
SHANGHAI
* The Shanghai Composite Index rose 0.7 percent to 3,211.295 points in heavy trade and reached a 13-month intraday high, but gains were limited as investors booked profit on car and steel shares and took upbeat Chinese growth data in stride.
* Losing Shanghai A shares outnumbered gainers by 459 to 434, while turnover for Shanghai A shares jumped to 119.3 billion yuan ($17.5 billion) from Wednesday morning's hefty 112.2 billion.
* Financial shares were strong, with Merchants Bank rising 3.7 percent to 18.90 yuan, while Bank of Communications jumped 4.1 percent in Hong Kong.
* Metal and coal shares outperformed. Jiangxi Copper surged 7.8 percent to 38.70 yuan, while China Shenhua Energy rose 2.4 percent to 33.98 yuan.
* Property shares gained on a rosy earnings outlook. Poly Real Estate climbed 3.32 percent to 30.21 yuan after saying it completed a share placement to raise 8 billion yuan.
* Steel stocks both lost ground. Baoshan Steel slipped 0.5 percent to 8.32 yuan, giving back some gains this week after jumping on reports that it had raised prices more than expected. So far this month, Baosteel's shares are up 18 percent, outperforming the broader market. (Reporting by Parvathy Ullatil in HONG KONG and Claire Zhang in SHANGHAI; Editing by Eric Burroughs and Chris Lewis)