HK Hot Stocks: Sinopec fall, Mongolia Energy up

HONG KONG, May 6 (Reuters) - Here are some stocks on the move
in Hong Kong on Tuesday.

As of 0236 GMT, the benchmark Hang Seng Index .HSI was up
0.11 percent at 26,216.41 points. The index opened down 0.38
percent.

The China Enterprises Index of Hong Kong-listed mainland
companies .HSCE, or H shares, was up 0.04 percent at 14,631.69
points.

STOCKS ON THE MOVE:

* Shares of Sinopec (0386.HK) fell 2.3 percent to HK$8.50 as
oil prices hit a record amid the weak dollar.

Shares of PetroChina (0857.HK)(601857.SS) also eased 0.33
percent to HK$12.06 after Goldman Sachs downgraded the firm to
"sell" from "buy" due to widening refining losses as oil prices
surge. Goldman said it estimated PetroChina's refining losses
could exceed 100 billion yuan in 2008. [ID:nHKG120989].

* Shares of Mongolia Energy Corp Ltd (0276.HK) rose 4.06
percent to HK$10.76 after it said it would expand its concession
areas in Western Mongolia for coal, ferrous and non-ferrous
resources to about 329,008 hectares from 66,000 hectares by way
of a transfer of a mining licence and five exploration licences.
For details please see
here

* Shares of China's top e-commerce firm Alibaba.com
(1688.HK), which fell 6 percent on Monday after Microsoft Corp
(MSFT.O) withdrew its bid for Alibaba's major investor, Yahoo Inc
(YHOO.O), slid a further 0.79 percent to HK$15.12. The company,
which is due to post its quarterly earnings later on Tuesday, is
expected to report a strong first quarter net profit of 263-290
million yuan ($37.6-$41.4 million), according to two analysts
polled by Reuters.

* Stock of China Oriental Group (0581.HK) fell 2.84 percent
to HK$5.48. The steel products maker said it had set up a
majority owned joint venture for production of H-section steel
products in China with total investment amounting to 1.2 billion
yuan. It expects its mainstream product, H-section steel, will
account for over 50 percent of its revenue by 2009. For details
please see
here
(US$1=HK$7.8)
(Reporting by Donny Kwok; editing by Ken Wills)