HK stocks fall as refiners, property weigh

HONG KONG, May 22 (Reuters) - Hong Kong stocks fell 1.64 percent on Thursday, with property firms and China Mobile (0941.HK: Quote, Profile, Research, Stock Buzz) leading the slide on fears that the U.S. rate-cutting cycle has ended.

But the blue chip index .HSI trimmed a 3 percent early loss after Japanese stocks rebounded in late Thursday trade.

Chinese refiners, Sinopec (0386.HK: Quote, Profile, Research, Stock Buzz) and PetroChina (0857.HK: Quote, Profile, Research, Stock Buzz), were also lower after Beijing denied that it would deregulate state-set fuel prices as early as next month.

The benchmark Hang Seng Index .HSI recovered from a day low of 24,700.49 to finish down 417.17 points at 25,043.12. The China Enterprises Index of Hong Kong-listed companies .HSCE, or H shares, dropped 2.21 to close at 13,820.84. (Reporting by Alison Leung; Editing by Anne Marie Roantree)