HK Hot Stocks: Property and oil plays gain

HONG KONG, May 2 (Reuters) - Here are some stocks on the move
in Hong Kong on Friday.

As of 0247 GMT, the benchmark Hang Seng Index .HSI was up
2.09 percent at 26,292.82 points, led by a 3.3 percent gain in
heavyweight China Mobile (0941.HK), which lifted the index more
than 86 points.

The index opened at a three-and-a-half month high.

The China Enterprises Index of Hong Kong-listed mainland
companies .HSCE, or H shares, was up 2.81 percent at 14,630.71
points.

STOCKS ON THE MOVE:

* Heavyweight HSBC (0005.HK) (HSBA.L) climbed 1.3 percent to
HK$136.90 after it said it aimed to launch its first life
insurance joint venture in China in July or August and planned
to offer pension services with a local partnership in the world's
fastest growing major economy, a senior HSBC executive said on
Thursday. [ID:nN01441179]

* Interest rate sensitive property plays Hang Lung (0101.HK)
and New World Development (0017.HK) were among the top gainers
after the Hong Kong Monetary Authority on Friday lowered the base
rate charged through its overnight discount window by 25 basis
points to 3.50 percent.

The central bank's move followed the U.S. Federal Reserve's
decision to cut its benchmark federal funds rate by a quarter
percentage point to 2 percent on Wednesday.

Hang Lung climbed 6.3 percent to HK$33.70. New World
Development gained 4.7 percent to HK$21.05.

* Top Chinese oil refiner Sinopec Corp (0386.HK) climbed 4.8
to HK$8.67 percent on falling oil prices. Oil fell for the fourth
session in a row, slipping below $112 a barrel on Friday,
pressured by a firm dollar, easing supply worries in major crude
exporter Nigeria, and concerns that demand in United States will
slow.[ID:nSYD104657]

Rival PetroChina (0857.HK) climbed 3.3 percent to HK$11.98.

* China's airlines also jumped on easing oil prices.

Flag carrier Air China (0753.HK)60111.SS soared 6.2
percent to HK$6.14. China Eastern (0670.HK)(600115.SS) jumped
roughly 7.5 percent to HK$3.60, and China Southern
(1055.HK)(600029.SS) climbed 5.1 percent to HK$5.34.

Oil and coal carrier China Shipping Development (1138.HK)
soared roughly 7.7 percent to HK$27.55.

(US$1=HK$7.8)
(Reporting by Joseph Chaney; Eediting by Anne Marie Roantree)