Ping An deal lifts China stocks; HK shares end 3-day rally

* Shenzhen Bank soars; Ping An gains in Shanghai, drops in HK

* Turnover light in both markets as caution reigns

* Commodity prices weigh on resources counters (Updates to close)

By Parvathy Ullatil & Claire Zhang

HONG KONG/SHANGHAI, June 15 (Reuters) - Hong Kong shares shed 2.1 percent on Monday, snapping a three-session winning streak, knocked down by lower energy prices and profit taking after the main index hit a nine-month high last week.

Chinese stocks rose 1.67 percent, with bank shares strong as Ping An Insurance's (601318.SS) plan to buy a stake in Shenzhen Development Bank (000001.SZ) boosted hopes for consolidation in the sector.

But the day's light turnover in both markets suggested investors were cautious.

"The economic situation lacks clear signs that would be supportive for listed companies' earnings. The index is expected to consolidate," said Huatai Securities analyst Chen Jinren in Shanghai.

Premier Wen Jiabao struck a note of caution over the weekend, restating that the foundations for economic recovery were not solid. An influential economist also said in remarks published in official media that China's economy would not experience a rapid recovery because it would take time to find a new growth engine to replace sagging exports. [ID:nPEK27382]

A TALE OF TWO STOCKS

Shenzhen Development Bank surged by its 10 percent daily limit to 22.00 yuan after Ping An said it would increase its stake in the mid-sized lender to close to 30 percent, from under 5 percent.

But Ping An (2318.HK) shares were mixed, as some analysts deemed the deal expensive and not greatly value accretive to the insurer's banking aspirations.

Shares in Ping An and Shenzhen Development Bank had been suspended for a week to Monday.

Ping An was up 2.3 percent at 46.13 yuanin Shanghai, while its Hong Kong-listed shares slid 3.2 percent to HK$57.15. The Shanghai-listed stock is trading at a 36 percent discount to its Hong Kong shares, compared with a 29.4 percent premium commanded by a broad-base of A-shares over their H-share counterparts.

The Shanghai Composite Index .SSEC ended up 45.787 points at 2,789.549, regaining ground after posting its biggest daily drop in one month on Friday.

Gaining Shanghai A shares outnumbered losers by 737 to 183, although turnover in Shanghai A shares dropped to 108.3 billion yuan ($15.9 billion), the lowest so far this month, from Friday's 123.3 billion yuan.