HK Hot Stocks:Oil counters up, Huaneng Power falls
HONG KONG, April 17 (Reuters) - Here are some stocks on the move in Hong Kong on Thursday.
As of 0245 GMT, the blue-chip Hang Seng Index .HSI had risen 2.07 percent to 24,371.90, tracking gains in overseas markets.
The China Enterprises Index of Hong Kong-listed mainland companies .HSCE, or H shares, was up 2.87 percent after climbing 2.76 percent at the open.
Shanghai stocks .SSEC reversed early losses to rise 0.51 percent after a flat opening. China's central bank announced late on Wednesday it would lift banks' reserve requirements by 0.5 percentage point, which is expected to ease concerns over an imminent interest rate hike.
STOCKS ON THE MOVE:
* Oil stocks rose on the back of record crude prices. Sinopec (0386.HK) topped the blue-chip gainers' list, surging 4.6 percent, while PetroChina (0857.HK) rose 3.38 percent and CNOOC (0883.HK) added 3.24 percent.
For oil market report please read [O/R] * Shares in Huaneng Power International (0902.HK), China's largest independent electricity provider, lost 4.7 percent on Thursday, after it said first-quarter net profit fell more than 50 percent due to rising coal costs. For the result story please read [ID:nHKG229219]
Citigroup has cut Huaneng (HNP.N) (600011.SS) to "sell" from "buy", saying the firm's unit fuel costs could have risen more than 20 percent in January-March due to surging spot coal prices and shipping fees, exceeding Huaneng's target of containing unit fuel cost growth to less than 18 percent for 2008.
* Shares in cement producer China National Building Materials (3323.HK) climbed 2.55 percent. The company said it had made available 9 billion yuan of credit facilities from China Minsheng Banking Corp after it obtained 8.3 billion yuan credit facilities from Bank of Communications Beijing Branch at the end of 2007 for restructuring of cement business. For details please see here
* Shares in ship chatering and owning firm Jinhui Holdings (0137.HK) rose 2.35 percent after the company said it would sell two vessels for US$160 million to further enhance its working capital position. For details please see here (US$1=HK$7.8) (Reporting by Alison Leung; Editing by Anne Marie Roantree)
