HK Hot Stocks: Sinopec tanks further, HSBC skids

HONG KONG, March 17 (Reuters) - Here are some stocks on the move in Hong Kong on Monday:

As of 0217 GMT, the blue-chip Hang Seng Index .HSI was down 5.1 percent, tracking sinking global equities.

The index opened down 4.1 percent at 21,318.03.

STOCKS ON THE MOVE:

* Sinopec Corp (0386.HK: Quote, Profile, Research, Stock Buzz) dropped a further 10.3 percent to HK$5.99 on persistent fears that the oil refiner would face losses, squeezed between record crude prices and caps on prices it can charge on refined oil products.

However, UBS upgraded Sinopec shares in a report dated Monday, saying the sell-off, which began last week, was overdone [ID:nHKG260713].

* Global lender HSBC Holdings plc (0005.HK: Quote, Profile, Research, Stock Buzz) skidded 4.6 percent to HK$117.2 as global financial shares sank.

* Hongkong Electric (0006.HK: Quote, Profile, Research, Stock Buzz), one of the dominant utilities in the territory, was the only blue chip advancer at 0216 GMT. Shares rose 0.9 percent to HK$49.75 as investors sought safe shelter from the maelstrom in global equity markets.

* China's Shenhua Energy Co Ltd (1088.HK: Quote, Profile, Research, Stock Buzz) plunged 10 percent to HK$32.55. The world's top coal producer by market value lagged forecasts by posting a 16.6 percent rise in 2007 earnings after it cranked out 16 percent more of the hydrocarbon. (Reporting by Rita Chang; editing by Ken Wills)