HK Hot Stocks - Sinopec, Petrochina drag

HONG KONG Aug 28 (Reuters) - At 0330 GMT the benchmark Hang Seng Index .HSI was down 1.3 percent at 21,181.95 after opening 0.4 percent higher.

The China Enterprises Index .HSCE of top locally listed mainland Chinese firms had slipped 0.9 percent.

Here are some of the stocks on the move in late morning trade-

* Shares in CNOOC Ltd (0883.HK) gained 4.1 percent at Thursday's open after China's largest offshore oil producer beat first-half earnings forecasts with gains from skyrocketing crude prices.

Sister company China Oilfield Service (2883.HK) jumped 5.5 percent ahead of its first half earnings later on Thursday.

*PetroChina shares (0857.HK) gave up 2.7 percent after reporting a disappointing 38 percent drop in its quarterly earnings after refining losses and windfall taxes dented gains from soaring crude oil prices. [ID:nHKG15523]

Analysts expect the company to come under pressure again in the second half, even after Beijing raised gasoline and diesel prices by 18 percent late in June, because the government may scrap a tax rebate on imported crude.

* Shares in China Mobile (0941.HK), the world's largest wireless carrier, dived 4.5 percent, erasing the previous session's sharp gains, as analysts warned of tougher times ahead.

JPMorgan downgraded China Mobile (CHL.N) to underweight from overweight on Thursday and slashed the target price by 50 percent to HK$75. [ID:nHKG36125]

On Wednesday, the firm beat forecasts with quarterly profit growth of 51 percent, sending the stock up 3.5 percent, but the company now faces increasing competition in a shifting telecoms landscape and pressure on voice margins. [ID:nHKG10651]

Smaller rival China Unicom (0762.HK) dropped 5.2 percent on continued concerns over the company's agressive capital expenditure plans over the next two years as it seeks to compete with China Mobile through the launch of a 3G platform.

China Netcom (0906.HK), which is soon to be merged with Unicom, skidded 4.4 percent.

* Shares in Esprit Holdings (0330.HK), the world's No. 5 fashion retailer, slumped 17.8 percent to its lowest level in two years after the company missed earnings forecasts and cautioned investors about tougher times ahead.

Merrill Lynch downgraded Esprit Holdings to underperform from buy after the fashion retailer posted a 12.5 percent increase in second half net profit at HK$3.15 billion, lagging forecasts.

* Shares in Asia's largest refiner Sinopec Corp (0386.HK) slipped 3.6 percent after oil prices rose further on Thursday as Tropical Storm Gustav headed towards U.S. oil and gas platforms in the Gulf of Mexico.

Higher oil prices also dragged down shares in Li & Fung (0494.HK), a U.S-focused consumer goods exporter. The stock fell 3.6 percent to HK$23.85.

(Reporting by Parvathy Ullatil; Editing by Ken Wills)