HK Hot Stocks: China Mobile falls, Shaw Brothers up
HONG KONG, May 26 (Reuters) - Here are some stocks on the move in Hong Kong on Monday.
As of 0308 GMT, the blue-chip Hang Seng Index .HSI had lost 2.11 percent to 24,193.38. It opened down 1.94 percent.
The China Enterprises Index of Hong Kong-listed mainland companies .HSCE, or H shares, fell 2.72 percent, after mainland China's Shanghai Composite Index .SSEC dropped 1.83 percent on Monday.
STOCKS ON THE MOVE:
* Shares in China Mobile (0941.HK), the world's biggest wireless carrier, fell 7.83 percent after Goldman Sachs downgraded the stock to sell from neutral, citing unfavourable effects from a restructuring plan announced last week.
* Shares of Shaw Brothers 0080.HK rose 4.29 percent while TVB (0511.HK) fell 1.4 percent on Monday morning. Henderson Land's (0012.HK) chairman, Lee Shau-kee, confirmed he is providing HK$3 billion ($385 million) to Country Garden's (2007.HK) chairman Yeung Kwok-keung to finance his bid for indirect control of TVB (0511.HK), South China Morning Post reported on Monday.
* Stock of China Life Insurance (2628.HK) slid 3.01 percent to HK$30.65. The Chinese insurer said it would inject 1.2 billion yuan in capital into its property and casualty insurance unit China Life P&C Company, a move to strengthen the unit's capital base to face the increasingly competitive environment in the rapidly growing non-life insurance market. (US$1=HK$7.8) (Reporting by Donny Kwok; Editing by Anne Marie Roantree)
