Hong Kong shares ease on Wall Street slump, China tepid after PMI
* HSI -0.5 pct, H-shares -0.9 pct, CSI300 +0.1 pct
* China Overseas Grand Oceans tumbles on disappointing H1 results
* Baiyunshan jumps on approval to produce drug in China (Updates to midday)
By Grace Li
HONG KONG, Aug 1 (Reuters) - Hong Kong shares fell on Friday as a month-end swoon on Wall Street hurt sentiment, while China markets eked out slim gains on signs of a pick-up in manufacturing activity on the mainland.
China's factories posted their strongest growth in at least 1-1/2 years in July as new orders surged to multi-month highs, two Purchasing Managers' Index (PMI) readings showed on Friday. The surveys reinforced views the economy is strengthening after a spate of stimulus measures.
By midday, the Hang Seng Index was down 0.5 percent at 24,628.4 and appeared on track for its first daily loss in nine sessions. The China Enterprises Index of the top Chinese listings in Hong Kong fell 0.9 percent. They are up 1.7 percent and 0.3 percent so far this week, respectively.
The CSI300 of the leading Shanghai and Shenzhen A-share listings reversed earlier losses with a 0.1 percent rise, while the Shanghai Composite Index also inched up 0.1 percent to 2,203.08 points.
On the week, the two mainland indexes are now up 4.1 and 3.6 percent, respectively. Continuación...