UPDATE 1- Lumena shines in HK debut, shrs up 14 pct

(Adds analysts comment, updates stock price)

HONG KONG, June 16 (Reuters) - Shares in Chinese chemicals maker Lumena Resources Corp (0067.HK) soared 14 percent on their trading debut in Hong Kong on Tuesday as investors looked for bargains, bucking a decline in the broader market.

The stock, which open unchanged at their IPO price, jumped to as high as HK$2.28 per share before steadying at HK$2.25 in mid-morning trade with 316 million shares changing hands.

The broader market .HSI was down 3.39 percent, whie the Chinese Enterprise index .HSCE fell 3.4 percent.

"Reasonable, inexpensive pricing made the stock appealing to investors, especially in a market flooded with liquidity," said Alfred Chan, a chief dealer at Cheer Pearl Investment.

Hong Kong stocks are trading at over 16 times their price-to-earnings multiple, compared with less than eight times for Lumena.

Sichuan-based Lumena, which priced its shares in the middle of an indicative range of HK$1.72-HK$2.56, raised HK$1.15 billion (US$148 million) in a Hong Kong offering. Credit Suisse (CSGN.VX), Macquarie (MQG.AX) and BOCI handled the deal.

The Hong Kong IPO market has shown signs of revival recently as investor appetite for risk has improved on a stronger stock market, but many retail investors remain on the sidelines awaiting clearer market sentiment.

"I won't be interested in new shares at the moment, when there are other bargains available in the market," said Patrick Yiu, a director at CASH Asset Management. "However, interest may return as some bigger names come up for grabs later the year."

Among the listing hopefuls, Chinese sportswear company 361 Degrees International is planning to raise up to $323 million in an IPO, competing with Chinese herbal shampoo maker BaWang International, which aims to raise $213.6 million.

Chinese coal trader China Qinfa Group plans an $81.29 million IPO later this week, sources say.

American International Assurance, the Hong Kong-based unit of American International Group Inc (AIG.N), is seeking to raise around $4 billion in what could be Hong Kong's largest IPO since China Citic Bank Corp (0998.HK) raised $4.2 billion in April 2007.

BBMG Corp, one of China's top construction materials makers, has a $500 million-$700 million Hong Kong IPO in the works. (US$1=HK$7.8) (Reporting by Donny Kwok; Editing by Jonathan Hopfner and Chris Lewis)