Hong Kong blue chips rebound with HSBC, utilities

(For Shanghai stock market reports, click [.SS])
(Adds Tuesday lunch close, details)

By Rita Chang

HONG KONG, Dec 18 (Reuters) - Hong Kong stocks rose in choppy
trade on Tuesday after falling for four straight sessions, with
investors seeking a safe haven in utility stocks.

HSBC Holdings plc (0005.HK) bounced back, while new issue
Pacific Online Ltd (0543.HK), a mainland Chinese Internet content
provider, ended the morning lower than its offering price.

Blue chips fell nearly 2 percent in early trade, but reversed
direction on cue from the Japanese Nikkei .N225, which turned
positive on banking shares.

"We were testing the 100-day moving average and got support
at that level," said Kingston Lin, associate director at
Prudential Brokerage.

"We should be able to sustain at this level later today -- at
least, we shouldn't have a 500-point drop."

The benchmark Hang Seng Index .HSI had risen 0.4 percent to
26,710.46 by lunch on mainboard turnover of HK$63.7 billion
(US$8.2 billion), compared to Monday morning's HK$57.8 billion.

The China Enterprises Index of Hong Kong-listed mainland
companies .HSCE, or H shares, rose 0.1 percent to 15,406.40.

HSBC gained 1.2 percent to HK$132.3, tracking gains in
regional financials.

Among utilities, Hong Kong Electric (0006.HK) surged nearly 6
percent to HK$42.05. Hong Kong and China Gas (0003.HK) jumped 3.7
percent to HK$22.40.

Pacific Online finished the morning at HK$3.07, 7 percent
lower than its IPO price of HK$3.3 per share, although earlier it
traded as high as HK$3.43.

Hong Kong property developers were mixed a day after they
were beaten down. Sun Hung Kai Properties (0016.HK) rose nearly 2
percent to HK$151.7 but Henderson Land (0012.HK) declined a
further 1.9 percent to HK$66.25.

Other rebounding large-caps were China Life (2628.HK), which
gained 1 percent to HK$39.4 and Sinopec Corp (0386.HK), which
rose 1.5 percent to HK$10.82.

Alibaba.com (1688.HK), China's top ecommerce firm, rebounded
2.1 percent to HK$26.65, although earlier it set a new low since
its November listing.

Mainland real estate developer Hong Long Holdings Ltd
(1383.HK) dropped nearly 2 percent to HK$2.61. The company said
on Tuesday its chairman and president bought shares in the
company worth a total HK$1.7 million.
(US$1=HK$7.8)
(Editing by Anne Marie Roantree)