HK shares snap six days slump; China banks rally

* HK shares turn course after six day slide
* China banks recover after RBS sells stake in BOC
* HSBc drops after broker cuts profit estimate,target price
(Updates to midday)
By Parvathy Ullatil
HONG KONG, Jan 14 (Reuters) - Hong Kong shares were on course to end a six-day losing spell on Wednesday, rising 1.4 percent, with Chinese banks outperforming after an equity selldown in Bank of China (3988.HK) eliminated an overhang on the sector.
However index heavyweight HSBC Holdings (0005.HK) fell 2.3 percent to HK$71.3, its lowest level since after the September 11, 2001 attacks on the United States, following a Morgan Stanley report that slashed its target price to HK$52.
The U.S. investment bank cut its profit estimate for the UK-based lender by 17 percent for 2008 and 39 percent for 2009 and said HSBC may have to raise $20 billion to $30 billion to shore up its capital.
The benchmark Hang Seng Index .HSI ended the morning session 194.99 points higher at 13,863.04 after a six day slide, its longest since September, 2008.
Mainboard turnover rose to HK$43.8 billion ($5.6 billion) as compared with HK$25 billion by midday Tuesday.
"Most markets in Asia Pacific have moved up today on hopes that Tuesday's mixed performance on Wall Street indicates the market has hit a bottom after a five day fall," said Andrew To, sales director with Taifook Securities.
"If the HSI can hold above 13,800 points for a few days, it should form a good support and trigger short covering. We may rechallenge 15,000 points around Chinese New Year," he said.