HK Hot Stocks: Oil plays and Alibaba up, airlines down

HONG KONG, May 7 (Reuters) - Here are some stocks on the move
in Hong Kong on Wednesday.

As of 0235 GMT, the benchmark Hang Seng Index .HSI had
reversed opening gains to fall 0.15 percent to 26,223.66 points.
The index opened up 0.44 percent.

The China Enterprises Index of Hong Kong-listed mainland
companies .HSCE, or H shares, was up 0.06 percent at 14,660.69
points.

STOCKS ON THE MOVE:

* Oil prices struck above $122 a barrel for the first time,
lifting shares of oil producers but weighing on sectors sensitive
to high fuel costs, such as airlines.

Top Chinese offshore oil producer CNOOC Ltd (0883.HK) rose
nearly 4 percent, while oil services firm China Oilfield
(2883.HK) jumped 5 percent.

CITIC Resources Holdings Ltd (1205.HK), China's
fourth-largest oil producer, jumped as much as 9 percent.

Flag carrier Air China (0753.HK) fell 3 percent, China
Southern (1055.HK) dropped more than 4 percent and China Eastern
(0670.HK) fell 2 percent.

* Shares in Alibaba.com Ltd (1688.HK), in which U.S. Internet
company Yahoo (YHOO.O) is a key investor, jumped as much as 5
percent after the top Chinese e-commerce firm posted
forecast-beating quarterly earnings on strong demand for online
trade and better profit margins. [ID:nHKG356954]
(US$1=HK$7.8)
(Reporting by Judy Hua; Editing by Anne Marie Roantree)