HK shares slide 3.2 pct; China stocks also down

(Updates to midday)

HONG KONG/SHANGHAI, June 23 (Reuters) - Hong Kong shares retreated 3.2 percent on Tuesday in a broad-based slump spurred by lower energy and metals prices and a steep drop on Wall Street overnight over doubts about the pace of economic recovery.

China stocks fell 1.4 percent, mildly outperforming other Asian markets, pulling back after scaling an 11-month closing high in the previous session.

The premium gap between yuan-denominated A-shares and their Hong Kong-listed H-share counterparts rose above 42 percent for the first time in over two months.

Here are the index moves and top stock moves by midday-

HONG KONG

* The benchmark Hang Seng Index .HSI was 3.2 percent lower at 17,489.25 with all but one stock languishing in the red.

* "The three-month rally we've had was quite a long one and now we are headed for a 1-½ month correction. The trend is likely to be W-shaped as funds move in and out of risky assets," said KGI Aisa chief operating officer Ben Kwong.

* Scandal-tainted Chinese electronics retailer GOME (0493.HK) was up 76.8 percent as it emerged out of a seven-month trading suspension after announcing a major capital raising move and signed on U.S. private equity firm Bain Capital as a new investor. [ID:nHKG70961]

GOME shares soared to HK$2.32 but later trimmed gains to settle at HK$1.98 by midday. Merrill Lynch upgraded GOME to "buy" from "underperform", saying the "worst was over and short-term risk was under control".

* Turnover rose to HK$38.2 billion from midday Monday's HK$37.1 billion.

* The China Enterprises Index .HSCE, which represents top locally listed mainland Chinese stocks, had fallen 3.8 percent to 10,235.39.

* Manulife Financial (0945.HK) extended Monday's losses to a one-month low after the Canadian insurer received an enforcement notice from the Ontario Securities Commission that found the company had failed to meet certain disclosure obligations. The stock was down 9.3 percent at HK$142.30, while its Toronto-listed scrip (MFC.TO) retreated 12 percent on Monday.

* Asia's largest oil & gas refiner PetroChina (0857.HK) slid 4.3 percent after crude oil extended its decline toward $67 per barrel on Tuesday from a drop of more than $2 a day earlier. Offshore oil specialist CNOOC (0883.HK) shed 4.3 percent, while Asia's top refiner Sinopec Corp (0386.HK) fell 3.3 percent.

* Other commodity stock were also battered, with the world's No.3 alumina producer Aluminum Corp of China (2600.HK) dropping 7.2 percent, while coal miner China Coal Energy (1898.HK) shrank 5.1 percent.

* GCL-Poly Energy (3800.HK), an independent power cogeneration plant operator in China, jumped 18 percent to HK$2.95 after agreeing to buy a Jiangsu-based polysilicon and wafer maker for $3.38 billion. The stock hit a 1-½ year high earlier in the session.