HK shares rebound amid coordinated rate cuts

* Thursday's rally follows 2-day, 13 percent slide

* China stocks surge after steep correction,interest rate cut

* Gold miners soar on climbing price of the metal

(Updates to mid-day)

By Parvathy Ullatil

HONG KONG, Oct 9 (Reuters) - Hong Kong shares rallied 2.7 percent on Wednesday, as stocks rebounded from a two-day, 13-percent slide, supported by a coordinated worldwide interest rate easing and a raft of market support measures from Beijing.

Chinese property stocks took off on Thursday after an 27 basis points interest rate cut.

China Overseas Land Investment gained 5.4 percent while Guangzhou R&F Properties advanced 3.9 percent.

Asia's largest refiner, Sinopec Corp , rose 5.9 percent amid an extended oil price pullback, while PetroChina , which also has refining operations, climbed 4.5 percent. China's refiners have been squeezed by the wide gap between international crude oil prices and regulated prices of refined products in China.

The benchmark Hang Seng Index .HSI ended the morning session up 409.69 points at 15,841.42 after climbing to 15,990.20 earlier.

"After the recent massive selloffs a rebound is likely and can be significant when applying the 9-11 scenario," said Ernie Hon, analyst with ICEA Securities.


The U.S. market bounced back 191.9 percent after plunging in reaction to the airliner attacks on New York in 2001 while Hong Kong markets climbed 32.6 percent in the same period, said Hon.

"The current low valuation of Hong Kong stocks, around 10 times 2008 price-to-earnings, also provides downside protection."

Mainboard turnover rose to HK$33.1 billion ($4.2 billion) from HK$34.8 billion at midday on Wednesday.

The China Enterprises Index .HSCE of top locally listed mainland Chinese companies was 3.8 percent higher at 7,735.94.

Shares in China Communication Services rebounded 19.8 percent from Wednesday's 32.5 percent slump on concerns over a reduced market for its telecom infrastructure services after the regulator's announcement on telecom operators' tower-sharing requirements.

Goldman Sachs added the stock to its conviction buy list, saying its recent share price collapse was due to misconceptions about its exposure to telecom tower construction.

Gold stocks rose as the precious metal defied declines in other commodity prices to gain as much as 10 percent this week as fears of global recession lifted its safe haven appeal.

Zijin Mining climbed 4.5 percent while Sino Gold rallied 13 percent.

Chinese banks rallied after a steep correction as analysts weighed in on the second rate cut in a month to say it would have a limited impact on margins at banks. China's central bank also reduced the reserve requirement at banks.

"We believe this policy mix will be modestly positive for China banks given the positive impact on macro economy growth and banks' asset quality, and limited negative impact on banks' net interest margins," said Goldman Sachs analysts in a report.

Top lender ICBC jumped 6.1 percent while China Construction Bank advanced 4.4 percent.

(Reporting by Parvathy Ullatil; Editing by Jonathan Hopfner)