HK shares slide on US data; China stocks outperform

(Updates to midday)

HONG KONG/SHANGHAI, June 16 (Reuters) - Hong Kong shares pulled back 3 percent on Tuesday as investors reassessed risk assets following weak economic data from the U.S., while resource-linked counters were hard hit by falling commodity prices.

China stocks slipped 0.9 percent but outperformed regional markets on support from positive signs for industrial output in June.

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

HONG KONG

* The benchmark Hang Seng Index .HSI was 555.56 points lower at 17,943.40.

* "Rising bond yields are still a big overhang on the market. Asian equities are especially sensitive to yields on 10-year U.S. Treasury notes," said UOB Kay Hian director Steven Leung.

"But risk aversion is not that high, long funds have not started selling yet. There is hope the index will hold near 18,000 points," he said.

* A pullback in the measure of regional manufacturing and an unexpected decline in homebuilder sentiment, challenged beliefs that the U.S. economy was poised for a rebound and pushed investors towards the safe haven of government bonds.

* Turnover rose to HK$43.7 billion from midday Monday's HK$37.6 billion.

* The China Enterprises Index .HSCE of top mainland companies fell 3.2 percent to 10,532.52.

* Ping An (2318.HK) extended Monday's losses after agreeing to increase its stake in mid-sized lender Shenzhen Development Bank (000001.SZ) to close to 30 percent, from the less than 5 percent it holds in a deal deemed expensive by analysts.

* Nomura cut its rating on the stock to "neutral" from "buy", saying the short-term risks from the acquisition could outweigh its long-term benefits. The stock which has run up 54 percent in the last six months, egged on by a sharp rally by mainland bourses, slid 6.7 percent to HK$53.35 by midday.

* Energy and other resources-linked stocks sank following the drop in commodity prices amid a firmer U.S. dollar and declines in the stock market.

* Asia's largest oil and gas producer PetroChina (0857.HK) shed 4.2 percent, while offshore oil specialist CNOOC (0883.HK) slid 5.5 percent.

* Metal stocks were also beaten down with Aluminum Corp of China (Chalco) (2600.HK) down 5.1 percent, while Angang Steel (0347.HK) had fallen 5.4 percent.