HK Hot Stocks: Chinese airlines fall on high oil

HONG KONG, April 15 (Reuters) - Here are some stocks on the move in Hong Kong on Tuesday.

As of 0303 GMT, the blue-chip Hang Seng Index .HSI had reversed opening gains to drop 0.8 percent to 23,616.96, tracking losses in Shanghai stocks .SSEC. The index had opened up 0.58 percent.

The China Enterprises Index of Hong Kong-listed mainland companies .HSCE, or H shares, was down 1.70 percent after opening up 0.43 percent.

STOCKS ON THE MOVE:

* Airline stocks came under pressure as crude oil prices hit a record high, driven by a weak dollar and supply disruptions.

Shares of China Southern (1055.HK) fell 3.85 percent to HK$5, and Air China (0753.HK) slid 2.26 percent to HK$5.62.

China Eastern Airlines Corp (0670.HK) fell 5.6 percent to HK$3.23 despite the carrier saying its earnings returned to the black to 268.9 million yuan in 2007 from a 3.31 billion yuan loss a year ago.

* Shares of China Mobile (0941.HK) reversed opening gains to fall 0.20 percent o HK$125.80 while China Unicom (0762.HK) dropped 0.4 percent to HK$16.00. Telecom equipment maker Ericsson (ERICb.ST) signed framework network expansion agreements with China Mobile worth around $1.3 billion and an agreement with China Unicom valuing another $140 million.

* Shares of Angang Steel (0347.HK) fel 7.5 percent to HK$17.58 after Credit Suisse downgraded the steel firm (000898.SZ) to underperform from neutral amid a gloomy earnings outlook, saying a strong rebound in first-quarter earnings was likely to be the best quarter for 2008.

Angang Steel, which posted a 6.2 percent rise in 2007 profit to 7.53 billion yuan, said its net profit for the first quarter of 2008 rose 2.05 percent to 2.44 billion yuan.

* Shares of Hutchison Whampoa (0013.HK) gained 0.6 percent to HK$75.5 after the ports-to-telecom firm said it would inject an extra 1 billion yuan ($143 million) into a venture with detergent and toothpaste maker Shanghai Whitecat Group to help revive the 60-year-old Chinese brand. For detail please see [ID:nPEK230249]

* Stock of Zijin Mining Group (2899.HK) rose 1.07 percent to HK$7.56. The mining firm has set the indicative price range of between 6.88 and 7.13 yuan per share for its Shanghai IPO, giving a premium to its Hong Kong share price but in line with market expectations, two sources familiar with the offer said on Monday. (US$1=HK$7.8=7.006 yuan) (Reporting by Donny Kwok; Editing by Anne Marie Roantree)