Hong Kong shares inch up as financials offset oil, Macau weakness

* HSI up 0.1 pct, H-shares index up 0.2 pct

* HSBC up 1.8 pct, contributes one-third of HSI gain

* CNOOC down 1.6 pct, top drag as oil prices dip

* Macau shares slide on weak Sept gambling revenue

(updates to close) By Vikram Subhedar

HONG KONG, Oct 4 (Reuters) - Hong Kong shares rose slightly on Thursday as financials, led by index heavyweight HSBC , helped offset weakness in oil producers hurt by lower crude prices and in Macau casino stocks that fell on weak gambling revenue.

The Hang Seng index was up 0.1 percent at 20,907.95 by the midday trading break. The China Enterprises index of top locally listed mainland firms also rose 0.2 percent.

With China's domestic markets shut through the week, trading activity on the Hong Kong stock exchange was sluggish as investors resisted making big bets.

Turnover, excluding a $630 million share placement in Swire Properties , was one-fifth below its monthly average with concerns over the extent of China's slowdown giving investors little reason to chase September's 7 percent rally.

"The unfortunate thing is that we haven't really seen the bottom yet as far as Chinese economic growth is concerned," said Raymond Chan, chief investment officer at Allianz Global Investors, Asia-Pacific.

"Markets want to see some stabilization," said Chan, suggesting that investors steer clear of export-reliant companies and focus instead on ones that can generate cash and benefit from Chinese consumer spending.

CNOOC shares fell 1.6 percent and were the top drag on the Hang Seng. Sinopec Corp was down 0.4 percent.

Worries over weak demand for oil have pushed Brent futures down more than 7 percent since their September highs, dragging down shares of China's top producers.

Sands China , the biggest casino stock and the only one in the Hang Seng index, fell 3.5 percent after Macau gambling revenue for September came in lower than expected. SJM Holdings and Galaxy Entertainment also slumped 3.5 percent.

Helping to counter those losses, HSBC Holdings advanced 1.8 percent after the bank, Europe's largest lender, said its core tier 1 ratio was above the levels required by the European Banking Authority (EBA).

HSBC, the biggest component stock in the Hang Seng index, said its core tier 1 ratio as of June 30 was 11.3 percent compared with the 9 percent level the EBA recommended in December 2011.

Lenovo Group shrugged off weakness in PC-related shares across Asia after Hewlett-Packard shares slumped to a nine-year low on a bleak forecast for its turnaround.

Lenovo, which may overtake HP as the world's biggest PC seller this year, rose 0.5 percent, reversing a 2 percent drop earlier in the day.

Swire Properties shares fell after the Hong Kong unit of the developer's parent agreed to sell its direct stake in the group for HK$4.88 billion ($629.2 million), to help meet a regulatory requirement.

But the stock closed only 2.9 percent lower compared with the 6 percent discount to Wednesday's close at which the deal was priced, indicating strong demand for the shares.

(Editing by Richard Borsuk)

((vikram.subhedar@thomsonreuters.com)(+852 28436975))