CORRECTED-HK shares advance 3.2 pct amid global rally

* Shares rise, extending Monday's 10 pct rally

* Financials jump on global steps to shore up markets

* Resources stocks gain on higher crude oil prices

(Updates to close)

By Parvathy Ullatil

HONG KONG (Reuters) - Hong Kong shares rose 3.2 percent on Tuesday, building on the previous session's rally, as governments worldwide pledged to pour cash into the financial system, sending shares in Standard Chartered (2888.HK) soaring by nearly a fifth.

While most analysts discounted another free-fall after last week's worst-in-a-decade 16.3 percent decline, in the short term they expect global equity markets to consolidate gains as the corporate earnings season kicks off.

"The relatively small gains in the Dow and S&P futures already indicate that U.S. stocks, especially financials, may see profit-taking after the government details the bailout plan tonight," said Philip Chan, head of research with CAF Securities.

"Also with the corporate earnings season around the corner, investors will switch their focus to slowing bottomlines and revenues."

The benchmark Hang Seng Index .HSI finished 520.72 points higher at 16,832.88, lifted by a 13.8 percent jump in CNOOC (0883.HK) on higher oil prices.

But gains on Tuesday underperformed those in other regional markets, coming on the heels of Monday's rally and a holiday in Japan. The index retreated from earlier highs, tracking a about-turn on the Shanghai bourse which closed 2.7 percent lower on worries about the slowing Chinese economy.

Tokyo's Nikkei average .N225 rose more than 14 percent on Tuesday, while Seoul's KOSPI gained more than 6 percent.

The blue-chip index has managed to claw back most of last week's steep losses but is still down about 39 percent so far this year, in line with losses in shares in Singapore, Taiwan and Japan over the same period.

"We are still pretty much in line with the other regional heavyweights. Some smart fund managers predicted yesterday's big gains on Wall Street which sparked buying in the local market," said Peter Lai, director with DBS Vickers.

"But the mantra is still the same, buy during the sharp falls and sell on a rally. The market will continue to fluctuate wildly between 14,000 and 19,000."

Mainboard turnover climbed to HK$81.7 billion ($10.5 billion) from HK$72.6 billion on Monday.