HK Hot Stocks: Chalco, Alibaba slide, Nine Dragons up

HONG KONG, March 18 (Reuters) - Here are some stocks on the move in Hong Kong on Tuesday:

As of 0235 GMT, the blue-chip Hang Seng Index .HSI was flat, erasing opening losses as investors feared the ongoing credit crunch may worsen.

The index opened up 1.7 percent at 21,444.61.

STOCKS ON THE MOVE:

* Aluminum Corp of China Ltd (2600.HK: Quote, Profile, Research, Stock Buzz) (Chalco), the world's No. 4 aluminium producer, slid nearly 7 percent to HK$11 after earnings fell short of expectations. Chalco failed to offset weakening prices and high production costs by ramping up output, and it faces a tough 2008 with global supply ample [ID:nHKG298943].

* China's top ecommerce firm Alibaba.com (1688.HK: Quote, Profile, Research, Stock Buzz) tumbled 6.2 percent to HK$14.48 ahead of its earnings report due later in the day, having earlier touched all-time lows.

* Packaging paper supplier Nine Dragons Paper (2689.HK: Quote, Profile, Research, Stock Buzz) recouped some of Monday's sharp losses, rising 3.3 percent to HK$6.60. Shares fell more than 40 percent on Monday after the company reported interim earnings that showed high materials costs chipped away at margins.

* Air China (0753.HK: Quote, Profile, Research, Stock Buzz) dropped nearly 2 percent to HK$5.30. The mainland carrier posted a 19 percent rise in second-half profit on Monday thanks to a stronger yuan and traffic growth, but rising fuel prices loom in 2008 along with a more gloomy outlook for global travel [ID:nHKG94473].

* Sinopec Corp (0386.HK: Quote, Profile, Research, Stock Buzz) rose nearly 1 percent to HK$6.19 following three straight sessions of steep losses on fears the oil refiner would face losses due to price controls on refined oil products and record crude prices. (Reporting by Rita Chang; editing by Ken Wills)