HK Hot Stocks - HSBC falls, China banks gain

HONG KONG, Jan 14 (Reuters) - By 0345 GMT the benchmark Hang Seng Index .HSI was 1.6 percent higher at 13,888.86 after a six day slide.

China Enterprises Index .HSCE of top mainland firms had gained 3.2 percent to 7,309.20.

Here are some of the stocks on the move-

* Index heavyweight HSBC Holdings (0005.HK) fell 1.7 percent to HK$71.75 after Morgan Stanley in a report cut its earnings estimates and target price on the stock.

The stock fell to HK$71.3 earlier, its lowest level since after the September 11, 2001 attack on the World Trade Center.

The U.S. investment bank cut its profit estimate for the UK-based lender by 17 percent for 2008 and 39 percent for 2009 while slashing its target price by 31 percent to HK$52 amid the global recession.

* Beijing-controlled Bank of China (3988.HK) rose 3.2 percent after Royal Bank of Scotland (RBS.L) sold $2.4 billion worth of shares, its entire holding in China's No.2 lender.

The deal was sealed at the top-end of a price range at HK$1.71 per share, a discount of 7.6 percent to the Chinese lender's last trading price.

Other Chinese lenders also rose, bouncing back from a sharp correction last week triggered by worries over equity selldowns by strategic investors, as U.S. and European investors hit hard by the global credit crises look to shore up their books.

ICBC (1398.HK) rose 1.2 percent while China Construction Bank (0939.HK) gained 4.3 percent. Bank of Communications (3328.HK) added 5.1 percent.

Last week, Bank of America (BAC.N) reduced its holding in CCB while Asian tycoon Li Ka-shing sold some shares in Bank of China.

* Chinese real estate stocks gained amid talk that Beijing was set to announce further steps to rescue the country's ailing property sector.

China may announce measures including cash support for developers who build small-unit apartments, the housing minister was cited as saying in a newspaper report on Tuesday. [ID:nPEK156968]

China Overseas Land (0688.HK) gained 5.5 percent while Shimao Property (0813.HK) climbed 1.9 percent.

* Athletic footwear-maker Yue Yuen Industrial (0551.HK) rose 4.2 percent despite missing the forecast on its year-end profit as investors cheered its better-than-expected profit margin in the final quarter.

Yue Yuen posted a 30 percent increase in its net profit for the year ended Sept. 2008 at $468.66 million, but the figure came in 10 percent below Citigroup's estimate.

But profit margin in the fourth quarter rose 1.6 percentage points to 24.4 percent from the previous three-month period, beating expectations, Citi said in a report.

The company which supplies sports shoes to firms such as Nike and Adidas said it expects moderate growth in 2009 amid lower costs.

(Reporting by Parvathy Ullatil; Editing by Jacqueline Wong) (parvathy.ullatil@thomsonreuters.com; +852 2843-6415))

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