HK shares recover partly; China stocks lag

* HK shares gain following U.S. Federal Reserve comments

* China shares lag on worries that rally is overdone

* Tencent, HKEx, Hutchison gain after earnings (Updates to close)

By Parvathy Ullatil & Claire Zhang

HONG KONG, Aug 13 (Reuters) - Hong Kong shares rose 2.1 percent on Thursday, reclaiming some lost ground from the previous session, on the back of supportive comments from the U.S. Federal Reserve and positive earnings momentum.

Chinese stocks rose 0.9 percent in shrinking turnover on Thursday, managing to bounce from a five-week intraday low early in the session, with metal and banking shares strong after policymakers moved to ease fears of credit policy tightening.

Central bank chief Zhou Xiaochuan said late on Wednesday that the bank's recent references to "dynamic fine-tuning" did not point to a change in its stance, as China had been fine-tuning its monetary policy for years. [ID:nPEK85655]

China Construction Bank (601939.SS) jumped 5.7 percent to 6.08 yuan in Shanghai, while Bank of China (3988.HK) jumped 3.5 percent to HK$3.85.

A clampdown in bank lending in July and central bank statements on fine-tuning its loose monetary policy fuelled worries about a tightening of the ample market liquidity that helped to propel this year's rally of more than 90 percent in the benchmark index.

IMPROVED EARNINGS SUPPORT GAINS

The benchmark Hang Seng Index .HSI finished up 426.06 points at 20,861.30. But turnover fell to HK$69 billion from HK$75.1 billion in the previous session.

"Investors are not comfortable with the speed of the decline in the A-share market. And seeing that the market is moving in a very volatile range, investors don't see any point in being agressive at this point," said Alex Wong, director with Ample Finance Group.

The China Enterprises Index .HSCE, which represents top locally listed mainland Chinese stocks, was up 2.1 percent at 11,900.15.

A flurry of forecast-beating earnings and healthier profit outlooks from top companies propped up blue-chip stocks.

Tencent Holdings (0700.HK), operator of China's largest instant messaging platform, jumped 4.3 percent on Thursday after its quarterly net profit beat analysts' expectations, on the back of strong growth in its internet services. The stock scaled an all-time high of HK$122.70 earlier in the session.

Hong Kong Exchanges & Clearing (HKEx) (0388.HK) rose 3 percent to HK$150.30 as analysts cheered the modest rise in the bourse operator's second-quarter net profit, on the back of improving trading volumes and increased capital raising activity.