HONG KONG, Jan 19 (Reuters) - China and Hong Kong stocks slipped on Friday after rebounding from five-year lows in the previous session, as a lack of convincing stimulus and economic data kept investors away.

** The blue-chip CSI 300 Index fell 0.3%, while the Shanghai Composite Index dropped 0.5%.

** Hong Kong's Hang Seng Index edged down 0.2%, and the Hang Seng China Enterprises Index declined 0.6%.

** China is likely ramping up efforts to rescue the market after some exchange-traded funds tracking key indexes saw spikes in daily turnovers, suggesting state-backed funds may be lending support.

** Brokerage Citic Securities has suspended short selling for some clients in mainland markets amid a deepening rout in the nation’s stocks, Bloomberg reported on Friday, citing sources.

** UBS estimates MSCI China is now trading at record discount compared to MSCI World and MSCI Emerging Markets indexes.

** "It would seem that equity investors are pricing in a more pessimistic outlook on the domestic economy than investors in other markets," UBS analysts said in a note, adding the risk-reward is attractive at this level.

** Fund manager Value Partners expects China's economy to recover starting in the second quarter this year.

** "We expect the market to be bottoming, with some funds starting to reposition for a U-shape rebound this year," said Kelly Chung, investment director at Value Partners.

** Coal stocks and photovoltaic industry led the decline, dropping 1.9% and 1.7% respectively.

** Stocks related to Apple's supply chain gained, with Foxconn Industrial Internet jumping 3.6%, and Luxshare Precision Industry rising 2.4%.

** Tech giants listed in Hong Kong declined 0.7%. (Reporting by Summer Zhen; Editing by Varun H K)