HK Hot Stocks: Property stocks, China Unicom gain

HONG KONG Jan 23 (Reuters) - Here are some stocks on the move in Hong Kong on Wednesday:

As of 0223 GMT, the blue-chip Hang Seng Index .HSI was up 6.6 percent, in line with rebounding Asian markets following a U.S. rate cut.

The index opened up 7.4 percent at 23,359.20.

STOCKS ON THE MOVE:

* Shares in local property developers jumped after the Hong Kong Monetary Authority (HKMA) followed a U.S. rate cut by lowering its overnight discount window by 75 basis points to 5.00 percent [ID:nHKG80642].

Sun Hung Kai Properties (0016.HK) gained 8.2 percent to HK$153.3 and Hang Lung Properties (0101.HK) leapt 8 percent to HK$29.

* Jiangxi Copper Co Ltd (0358.HK) declined 16.3 percent to HK$17.06 in resumed trade as it caught up to the market declines of the last two days.

The copper producer said it proposed to issue up to 6.8 billion yuan (US$939.4 million) worth of bonds with warrants in China to fund acquisitions and repay debts. here

* Gold shares outperform as gold seen as hedge against the uncertainties in U.S. recession.

Zijin Mining (2899.HK) soared 12.1 percent to HK$9.86 and Sino Gold 1862.HK surged 18.6 percent to HK$51.

* China Unicom (0762.HK) shot up 12.8 percent to HK$16.70. Goldman Sachs upgraded the stock to buy, saying the country's No.2 wireless provider was well positioned for an industry-wide restructuring, which was expected this year.

* Yue Yuen Industrial Holdings (0551.HK), which makes athletic shoes for U.S. footwear companies, shed 2.6 percent to HK$22.50 as investors price in a U.S. recession.

* Bank of Communications (3328.HK) rose 6.1 percent to HK$8.37. The Chinese lender estimated on Tuesday that net profit rose at least 60 percent in 2007.

The bank cited rapid loan growth and rising income from intermediary business. In 2006, it made a net profit attributable to shareholders in the parent company of 12.55 billion yuan ($1.73 billion). [ID:nSHA28244] (Reporting by Rita Chang; Editing by Anne Marie Roantree)