HK shares set for 4th day of losses; China stocks edge up

(Updates to midday)

HONG KONG/SHANGHAI, July 3 (Reuters) - Hong Kong shares bounced off early lows as lower crude oil prices supported gains in top refiner Sinopec, but a bleak U.S. jobs report nudged the market into its fourth straight day of losses on Friday.

While Hong Kong shares are headed for a weekly loss, the Shanghai index looks set for a nearly 5 percent weekly gain with expectations of strong lending growth and a rise in power output in June boosting optimism over an economic recovery.

Defying the slump in the broader Hong Kong market, shampoo maker BaWang International (Group) Holdings (1338.HK: Quote, Profile, Research) soared more than 30 percent on its debut, after its $214 million IPO ranked among the most popular issues this year with its retail portion subscribed more than 400 times. [ID:nHKG280265]

Another market debutante, China Qinfa (0866.HK: Quote, Profile, Research) also fared well with shares in the coal trading company rising 7.1 percent by midday.

Here are the index moves and top stock moves in both markets by midday-

HONG KONG

* The benchmark Hang Seng Index .HSI was 0.5 percent lower at 18,094.66, headed for a loss of 2.7 percent in the holiday-shortened week.

* Asia's biggest oil refiner Sinopec Corp (0386.HK: Quote, Profile, Research) advanced 1.7 percent to HK$5.97 as crude oil fell towards $66 per barrel after the latest U.S. payroll data signalled the world was still grappling with a deep recession.