* SSEC -0.1 pct; CSI300 +0.1 pct; HSI +0.5 pct
* Dec producer prices +5.5 pct y/y, fastest growth since
* Bid led by Alibaba sends Intime shares soaring 35 pct
SHANGHAI, Jan 10 Hong Kong stocks hit a
one-month high on Tuesday morning, shrugging off bearish
sentiment from weak Wall Street as commodity strength lifted
China stocks were flat in thin trading, as some state-owned
enterprises (SOE) took a breather after a recent rally fuelled
by restructuring hopes.
There was mute response toward data showing producer prices
surged the most in more than five years in December, from a year
earlier, as prices of coal and other raw materials soared.
In Hong Kong, the Hang Seng index at midday was on
track to rise for a fourth consecutive session, up 0.5 percent
to 22,675.19 points, while the Hong Kong China Enterprises Index
gained 0.6 percent, to 9,656.62 points.
Market sentiment in Hong Kong was boosted by a rally in
commodity prices on the mainland. Futures contracts of rebar
and coke added around 5.5 percent and 4
percent at the lunch break.
Most sectors were up, but energy retreated after
oil prices on Monday posted their biggest one-day loss
in six weeks amid fears that record Iraqi crude exports in
December and rising U.S. output would undermine OPEC's efforts
to curb a global supply glut.
Shares of Chinese retailer Intime Retail Group
soared nearly 35 percent at the lunch break on news that
e-commerce giant Alibaba Group Holding Ltd was seeking
to take Intime private.
On the mainland, the blue-chip CSI300 index erased
early losses and edged into positive territory, up 0.1 percent,
to 3,366.09 points. The Shanghai Composite Index shed
0.1 percent, to 3,169.17 points.
Zhang Qi, analyst at Haitong Securities in Shanghai, said
bullish sentiment at the start of the year was countered by
weakness among some state-owned enterprises (SOE) which
corrected after a multi-day rally.
An index tracking the aerospace defence industry
fell nearly 0.6 percent after on Monday climbing
3.3 percent, the most in five months, on hopes there would be
major restructuring moves.
Sector performance was mixed on the mainland, with raw
materials stocks among the best performers, up 0.5
percent by lunch break.
(Reporting by Jackie Cai and John Ruwitch; Editing by Richard