HK Hot Stocks - HSBC, Hutchison, oil refiners tumble

HONG KONG Oct 24 (Reuters) - At 0250 GMT the benchmark Hang Seng Index .HSI was 3.51 percent lower at 13,279.62.

The China Enterprises Index .HSCE of top locally listed mainland Chinese companies had fallen 4.75 percent to 6,108.01.

Here are some of the stocks on the move in early trade.

* Chinese oil refiners slid after crude oil prices rebounded on expectations that OPEC may agree to cut output.

Oil refiner and producer Petrochina (0857.HK), dropped 4.45 percent to HK$5.37. Sinopec Corp (0386.HK), Asia's biggest oil refiner, slid 4.76 percent to HK$4.80.

* Europe's largest bank HSBC (0005.HK) plunged 5.47 percent to HK$95.00 and British lender Standard Chartered (2888.HK) lost 4.76 percent to HK$116.00 after Morgan Stanley cut its target price and earnings outlook for the stocks.

Morgan Stanley lowered HSBC's target price to HK$75 from HK$100 and Standard Chartered's to HK$125 from HK$250, citing weakening revenues and rising bad debts.[ID:nHKG27160]

* Hutchison Whampoa (0013.HK), controlled by tycoon Li Ka-shing, tumbled 5.44 percent to HK$40.00. The stock earlier fell to a 10-year low.

The port-to-telecoms conglomerate confirmed that it will halt uncommmited spending until June 2009 and will review all new investments amid the growing credit crisis. [ID:nHKG28257]

* Top Chinese lender ICBC (1398.HK) was down 5.0 percent and smaller rival China Construction Bank (0939.HK) fell 5.03 percent ahead of their results announcement today.

* Guangdong Investment Ltd (0270.HK) was up 4.62 percent. The company revealed late on Thursday it had HK$6.4 billion worth of interest-rate swap agreements but did not have any outstanding foreign exchange rate swap agreements.

Guangdong said its gain or loss arising from the interest rate swaps would not have a material impact on its financial position. For statement please see here'

* Jingwei Textile Machinery (0350.HK) fell 1.89 percent after it warned late on Thursday of a more than 50 percent fall in profit for 2008 amid appreciation of the yuan, tightening monetary policy, rising production costs and declining demand. It posted 162.21 million yuan profit in 2007. For statement please see here

* China High Speed Transmission Equipment (0658.HK) slumped 8.92 percent. The company said on Thursday it was in talks with Morgan Stanley & Co. International plc in respect of amending the terms of an equity swap.

But it said the equity swap does not pose any effect on the cash flow or normal operations of the company.

The stock fell 29 percent on Thursday after CLSA reported the company was exposed to financial hedging investments.

(Reporting by Jun Ebias; Editing by Anne Marie Roantree)