HK shares rebound 1.3 pct, China stocks lag

(Updates to midday)

HONG KONG, June 24 (Reuters) - Hong Kong shares rose 1.3 percent on Wednesday, bouncing back from a sharp sell-off previously, but China-listed stocks lagged after regulators approved a second IPO following a near 10-month hiatus in new listings.

Steel stocks outshone the broad market on news of a newly discovered iron ore deposit in China's Liaoning province, with reserves estimated at 3 billion tonnes. The deposit could be producing up to 5 million tonnes by 2015, a local geological official told Reuters on Wednesday.

Baoshan Iron and Steel (600019.SS), China's largest steelmaker, climbed 3.0 percent to 7.2 yuan, while Angang Steel (0347.HK) rose 8.1 percent to HK$13.40.

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

HONG KONG

* The benchmark Hang Seng Index .HSI was 233.38 points higher at 17,771.75 by midday after vacillating in the morning session ahead of results of the U.S. Federal Reserve meeting.

"Hopefully, the statement released after the FOMC meeting on Wednesday would assure investors of an extended period of low interest rates," said Marco Mak, analyst with Taifook Securities.

* The China Enterprises Index .HSCE, which represents top locally listed mainland Chinese stocks, rose 1.7 percent to 10,457.24.

* Chinese internet portal Tencent Holdings (0700.HK) jumped 4.6 percent to HK$89.15 after it signed a deal with Take-Two Interactive Software Inc (TTWO.O) on Tuesday to develop and distribute online versions of Take-Two's popular NBA 2K basketball video game.

Goldman Sachs said in a report that NBA 2K could add around 4 percent to the company's estimated revenue and earnings in 2011 if it proved as successful as Tencent's QQ Speed and Cross-Fire games.

* Chinese property stocks advanced on signs that demand and prices in the mainland residential real estate market were on the rebound. China Overseas Land (0688.HK) gained 5.2 percent, while Sino-Ocean Land (3377.HK) jumped 4.4 percent.

JPMorgan said prices were likely to rise by another 8 to 15 percent in 2009 after a 5 to 20 percent rebound from late 2008.

* Manulife Financial (0945.HK) struggled for a third straight session on Wednesday following the Ontario Securities Commission's probe into the Canadian insurance giant's disclosure of risks in its variable annuity and segregated funds.

The stock dropped 1.4 percent, adding to its 11 percent decline in the last two sessions.

* ANTA Sports Products (2020.HK) rose 5.6 percent to HK$9.39 on news of the branded sportswear maker's partnership with the Chinese Olympic Committee between 2009-2012.