HK Hot Stocks-HSBC drags, resources buck trend

HONG KONG, June 30 (Reuters) - Hong Kong shares dipped a tad in late morning trade, led by a 1 percent drop in index heavyweight HSBC Holdings (0005.HK) and a 2.3 percent slide in top Asian oil refiner Sinopec Corp (0386.HK) as crude oil prices clung to highs.

At 0326, the Hang Seng Index .HSI was down 0.2 percent at 22,006.65 after opening up nearly 1 percent.

The China Enterprises Index .HSCE of top locally listed Chinese firms outperformed the market with a 0.2 percent gain.

Here are some of the stocks on the move:

* Gold miner Zijin Mining (2899.HK) surged 3.4 percent as price of the precious metal stayed close to one-month highs on record-high oil and as waning confidence in global equity markets drove investors into commodities.

* Coal stocks also benefitted from growing interest in commodity counters, with China Shenhua Energy (1088.HK) rising 1.8 percent and Yanzhou Coal (1171.HK) gaining 4.6 percent.

* Offshore oil producer CNOOC (0883.HK) led gains on the main index with a 2.1 percent rally. U.S. crude stayed above $141 per barrel in Asian trade after coming within a whisker of $143 per barrel on Friday.

"CNOOC will set a new earnings record for H108. While this would have been somewhat priced in, CNOOC will likely benefit from continued earnings upgrades over the next few months," Cazenove analyst Hanpin Hsi wrote in a research note.

Refiner Sinopec Corp (0386.HK) slipped 2.3 percent as higher oil prices are expected to erode the company's refining margins in China's regulated petroleum products market.

* HSBC gave up 1 percent on concern over worsening conditions in global credit markets and further write-downs at U.S. rivals.

* Chinese banks bounced back from weeks of losses after the government held off raising interest rates over the weekend.

China Construction Bank (0939.HK), the country's third largest lender, rose 1 percent and smaller rival Bank of Communications (3328.HK) jumped 1.9 percent

* Telecom stocks mauled by profit-taking in the weeks after the announcement in May of an industry restructuring plan rebounded on Monday. China Unicom (0762.HK) shot up 3.4 percent and China Netcom (0906.HK) rallied 2.4 percent.

* Sun Hung Kai Properties (0016.HK), Hong Kong's largest property developer, fell 2.4 percent as investors fretted over recent mortgage-rate hikes at various local banks.

Property stocks have posted strong gains since September 2007 on account of a series of rate reductions by the U.S. Federal Reserve and matching moves from Hong Kong's central bank.

These stocks are now well off 2007 highs, beaten by mounting fears of a rate increase in the United States. (Reporting by Parvathy Ullatil; editing by Jonathan Hopfner)