Hong Kong share rebound wanes; Shanghai near 11-mth high

(Updates to midday)

HONG KONG/SHANGHAI, June 19 (Reuters) - Hong Kong shares rebounded on Friday from a four-day fall after new U.S. data gave reason for some optimism on the economy, but gains had been pared by profit-taking by midday.

Shanghai stocks rallied near an 11-month intraday high before pulling back later in the session, but analysts said a restart of IPOs will not stop the index from setting new highs for the year.

Here are the index movers:

HONG KONG

* The benchmark Hang Seng Index .HSI inched up 0.6 percent, or 104.13 points, to 17,880.79, off a high of 17,979.45.

"We had some momentum going. The U.S. market had rebounded, China was also up but just a little bit. Overall sentiment is still cautious," said Castor Pang, strategist at Sun Hung Kai Financial.

"But investors here in Hong Kong haven't got the confidence yet that the market has reached its bottom," Pang said.

* The China Enterprises Index .HSCE of top mainland companies gained 0.8 percent to 10,500.55.

* Turnover dropped to HK$31.5 billion from midday Thursday's HK$36.7 billion.

* Sinopec Corp (0386.HK) advanced 3.3 percent to HK$5.7 as oil steadied above US$71 a barrel on Friday after bullish U.S. economic data and supply concerns in OPEC member Nigeria boosted prices a day earlier.

The Chinese oil refiner is also in competition with Korea National Oil Co in taking over Swiss oil and gas explorer Addax Petroleum, according to sources. The winner is expected to get access to Toronto-listed Addax's (AXC.TO) (AXC.L) projects in Nigeria, Gabon, Cameroon, as well as the Taq Taq field in the Kurdistan region of Iraq, from which exports began this month after being blocked for years. [ID:nL1235061].

* PetroChina Co Ltd (0857.HK) gained 0.6 percent to HK$8.50 after the company, Asia's largest oil and gas producer, on Thursday said it would buy two pipelines in western China from its state-owned parent for about HK$11 billion ($1.4 billion) [ID:nHKG83231].

* Huabao International (0336.HK) advanced 1.9 percent, trimming its earlier 3.2 percent gain, after the tobacco flavours producer on Thursday posted a 29.3 percent rise in profit for the year ended March to HK$1.11 billion. For statement click here sehk/20090618/LTN20090618379.pdf

* Continental Holdings (0513.HK) shares more than doubled in value then pulled back to post an 81.8 percent gain to HK$1.20 after the jewellery trader said it would sell a retail property in Hong Kong to a third party property investor for HK$838 million and the proceeds would be used to reduce borrowings and for future investment. For statement click here LTN20090618503.pdf ]

*Ping An Insurance (2318.HK) dropped 1.6 percent to HK$52.10 after its president was quoted by the official China Securities Journal as saying the company would fund its planned purchase of a stake in Shenzhen Development Bank (000001.SZ) from internal resources and had no near-term fund-raising plans.