* HSBC gains on capital adequacy reassurance
* China banks rally ahead of 2008 earnings
* Oil stocks dip after OPEC holds production steady
By Parvathy Ullatil (Updates to midday)
HONG KONG, March 16 (Reuters) - Hong Kong shares are headed for a five-day winning streak, rising 1 percent by midday on Monday, as HSBC extended gains on a capital adequacy reassurance while China stocks rallied ahead of key earnings this week.
Chinese stocks listed in Hong Kong defied losses even as their Shanghai-listed counterparts fell, building on last week's 7.3 percent rally as their inexpensive valuations vis-a-vis their mainland counterparts generated a slight thaw in fund flows.
The premium gap .HSCAHPI between yuan-denominated A-shares and Hong Kong-listed H-shares has fallen to 42 percent from 57 percent a week ago. more...
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