HK Hot Stocks: HSBC & China Life fall, Chongqing Iron up

HONG KONG, May 14 (Reuters) - Here are some stocks on the
move in Hong Kong on Wednesday.

As of 0301 GMT, the benchmark Hang Seng Index .HSI had
fallen 1.14 percent to 25,260.60 points. The index opened down
0.36 percent.

The China Enterprises Index of Hong Kong-listed mainland
companies .HSCE, or H shares, was down 1.16 percent at
13,815.37 points.

STOCKS ON THE MOVE:

* Banking stocks and Chinese insurers came under pressue as
investors weighed the impact of the earthquake in China and the
U.S. Federal Reserve chairman's comments that financial markets
were still troubled. Shares of HSBC (0005.HK), which topped the
most heavily traded stock, fell 0.52 percent to HK$134.80.

China Life (2628.HK) lost 2.41 percent to HK$32.40 after it
said it expected claims for the Sichuan earthquake to far exceed
the claims for snowstorms that hit southern China early this
year. PICC Property and Casualty (2328.HK), China's largest
non-life underwriter, fell 1.29 percent to HK$6.91.

* Ping An Insurance (2318.HK) fell 2.26 percent to HK$69.25.
The country's second-biggest life insurer said it had sought
shareholders' approval on a general mandate in relation to the
issue of shares representing up to 20 percent of its H shares but
it gave no timetable or details of the issue. For details please
see
here

* Shares of Chongqing Iron and Steel (1053.HK) surged 17
percent to HK$3.79 after the steel producer said its production
plants in Chongqing were not affected by the earthquake.

* Shares of Asia's top oil refiner Sinopec (0386.HK) tumbled
4.57 percent to HK$7.31 and China's second-largest oil refiner
PetroChina (0857.HK) dropped 2.01 percent after crude prices hit
a record near $127 a barrel overnight in New York, further
squeezing their margins as domestic fuel prices are capped by the
government.

* Shares of Anhui Conch Cement Co Ltd (0914.HK)(600585.SS),
rose 1.37 percent to HK$66.70 after China's top cement maker said
it planned to raise up to 11.5 billion yuan ($1.64 billion) by
issuing A shares in Shanghai for expansion of cement and clinker
production lines. [ID:nHKG279958]

* Shares of Hong Kong Exchanges and Clearing Ltd (0388.HK)
fell 1.5 percent to HK$151.5 ahead of the release of its
firts-quarter earnings due later on Wednesday. Hong Kong bourse
should post a strong rise in first-quarter profit, but Asia's
largest listed bourse faces an uncertain 2008 as China's
turbulent markets and fears of a U.S. recession weigh.
[ID:nHKG7775]

* Shares of China Railway Construction Corp Ltd (1186.HK),
which built the world's highest railroad, fell 0.98 percent. The
company said it aimed to realise an operational revenue of 200.8
billion yuan (US$28.72 billion) for 2008. [ID:nHKG278246]

* China Oilfield Services Ltd (2883.HK)(601808.SS), the
drilling and equipment arm of top Chinese offshore oil producer
CNOOC group, fell 1.9 percent to HK$15.5. The firm said late on
Tuesday it had signed a turnkey drilling service contract with
Devon Energy (DVN.N).

* Shares of China Glass Holdings Ltd (3300.HK) jumped 6.05
percent to HK$2.98. The glass maker said it intended to set up a
firm for the construction of a low emission glass production
plant in Jiangsu province with total investment amounting to 800
million yuan.

* Investment firm ZZNode Technologies Co Ltd (2371.HK) jumped
11.86 percent to HK$2.64 after it said it would buy a firm to be
involved in operation and broadcasting across a network of
outdoor mega LED displays throughout major cities in the mainland
for HK$2.93 billion, a deal to be settled mostly through the
issue of convertible notes.
(US$1=HK$7.8)
(Reporting by Donny Kwok; Editing by Anne Marie Roantree)