HK shares slide on US data; China stocks outperform

Hong Kong shares pulled back 3 percent on Tuesday as investors reassessed risk assets following weak economic data from the U.S., while resource-linked counters were hard hit by falling commodity prices.

China stocks slipped 0.9 percent but outperformed regional markets on support from positive signs for industrial output in June.

Here are the index moves and top stock moves by midday-

HONG KONG

The benchmark Hang Seng Index .HSI was 555.56 points lower at 17,943.40.

"Rising bond yields are still a big overhang on the market. Asian equities are especially sensitive to yields on 10-year U.S. Treasury notes," said UOB Kay Hian director Steven Leung.

"But risk aversion is not that high, long funds have not started selling yet. There is hope the index will hold near 18,000 points," he said.

Metal stocks were also beaten down with Aluminum Corp of China (Chalco) (2600.HK) down 5.1 percent, while Angang Steel (0347.HK) had fallen 5.4 percent.

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