HK Hot Stocks: Steel plays shine, HSBC gains

(Adds steel stocks)

HONG KONG, Feb 26 (Reuters) - Here are some stocks on the move in Hong Kong on Tuesday:

As of 0301 GMT, the blue-chip Hang Seng Index .HSI was up 1.6 percent, tracking Wall Street gains.

The index opened up 1.3 percent at 23,564.77.

STOCKS ON THE MOVE:

* Steel plays gained momentum a day after Baosteel, China's largest steelmaker, said it would raise major steel product prices by up to 20 percent [ID:nBJD000246].

Angang Steel (0347.HK) vaulted more than 7 percent at one point. Maanshan Iron & Steel (0323.HK) surged 3.3 percent to HK$5.04.

* HSBC Holdings plc (0005.HK) jumped 2.2 percent to HK$119 after Standard & Poor's removed its threat to downgrade the ratings of bond insurers, easing concerns about subprime related losses at the biggest banks.

* Gold miner Zijin Mining (2899.HK) slid 4 percent to HK$9.79, tracking declining gold prices and following its recent run.

* China Unicom (0762.HK) climbed 2.6 percent to HK$17.86 after its Shanghai-listed affiliate, China United Telecommunications Co (Unicom) (600050.SS), said on Tuesday it had no plans to raise funds from the stock market after talk of a planned share sale sent its shares sharply lower [ID:nSHA26293].

* Ping An Insurance (2318.HK) jumped 2.1 percent to HK$56.70. China's second-largest life insurer said it will prudently consider the size and timing of a planned multi-billion dollar share sale after the country's securities watchdog warned companies against big share sales, the Shanghai Securities News reported on Tuesday [ID:nSHA29793]. (Reporting by Rita Chang; Editing by Ken Wills)