HK Hot stocks - Chalco sinks, Little Sheep recovers

HONG KONG, June 12 (Reuters) - At 0330 GMT the Hang Seng Index .HSI was down 2.47 percent at 22,750.57, close to its March 31 low of 22,700.84 points.

The China Enterprises Index .HSCE slid 3.5 percent.

Here are some of the stocks on the move.

* Index heavyweight China Mobile (0941.HK) extended Wednesday's 1.4 percent slide to tumble 2.6 percent on Thursday. China Mobile's share price is now at its lowest since late March. * Aluminum Corp of China (Chalco) (2600.HK) tumbled to a three-month low as investors feared mounting costs would squeeze margins. The production cost for alumina had surged 24 percent between January and April because of the rising cost of bauxite, Deutsche Bank said in a research note.

DBS on Wednesday lowered its estimate on Chalco's 2008 earnings by 30 percent

The stock was down 6.6 percent at HK$11.04.

* Asia's largest refiner Sinopec corp (0386.HK) dropped 4.4 percent, as record oil prices were expected to erode the company's refining margins.

* China Merchants Bank (0144.HK) fell 4.8 percent after the country's sixth-largest bank said it was planning to raise 30 billion yuan ($4.34 billion ) by issuing subordinated bonds. The announcement follows CM Bank's winning bid to buy a majority stake in Hong Kong's Wing Lung Bank 0096.HK.

* China biggest airline by fleet size, China Southern Airlines (1055.HK), skidded 4.7 percent on worries over an inflated fuel costs. Flag carrier Air China (0753.HK) gave up 4 percent and Hong Kong's Cathay Pacific Airways (0293.HK) slid 2.6 percent.

* New listing Little Sheep (0968.HK) was up 3.5 percent after opening sharply lower. The hot pot restaurant chain operator opened at HK$2.90, 8.8 percent lower than its issue price.

(Reporting by Parvathy Ullatil; Editing by Anne Marie Roantree)