HK Hot Stocks-Blue chips drag, shipping cos plunge
HONG KONG, June 13 (Reuters) - At 0321 GMT the Hang Seng Index .HSI was down 0.95 percent at 22,804.74, as investors continued to worry about strict credit tightening measures in mainland China and the global economic slowdown.
The China Enterprises Index .HSCE fell 1.65 percent, with shipping stocks leading the way after the global benchmark freight index fell the most in over two decades on Thursday.
Here are some of the stocks on the move
* Index heavyweight HSBC Holdings (0005.HK) dropped 0.6 percent and China Mobile (0941.HK) shed 1.5 percent, reflecting the lack of confidence among investors about the health of the global economy. China Life (2628.HK) fell 1.4 percent, mirroring a similar fall on the Shanghai Composite Index.
* Hong Kong-based Bank of East Asia (0023.HK) fell 2.9 percent and Hang Seng Bank (0011.HK), a unit of HSBC, dropped 0.8 percent. Lenders are under pressure to raise mortgage rates ahead of the Fed's next move on interest rates because of surging interbank rates.
* Cathay Pacific Airways (0293.HK) dropped 1.5 percent after crude oil prices rose overnight on concerns about a possible strike in Africa' top producer, Nigeria.
* China Shipping Development (1138.HK) tumbled 6.4 percent and China Cosco (1919.HK) plunged 7.5 percent after the Baltic Dry Index fell 8.7 percent on Thursday, hit by expectations of slowing Chinese demand for commodities including iron ore.
* CNOOC (0883.HK) rallied 0.6 percent, helped by surging crude oil prices while PetroChina (0857.HK), which has refining operations, dropped 1.8 percent.
* Aluminum Corp of China (CHALCO) (2600.HK) extended Thursday's losses, falling a further 1.9 percent on analysts' expectations of weakening profit in 2008 owing to a sharp surge in input costs. (Reporting by Parvathy Ullatil; Editing by Anne Marie Roantree)
