* SSEC -0.1 pct; CSI300 +0.1 pct; HSI +0.5 pct
* Dec producer prices +5.5 pct y/y, fastest growth since Sept 2011
* Bid led by Alibaba sends Intime shares soaring 35 pct
SHANGHAI, Jan 10 (Reuters) - Hong Kong stocks hit a one-month high on Tuesday morning, shrugging off bearish sentiment from weak Wall Street as commodity strength lifted resource shares.
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 Borsuk