HK Hot Stocks: China COSCO, commodities shine
HONG KONG, March 6 (Reuters) - Here are some stocks on the move in Hong Kong on Thursday:
As of 0233 GMT, the blue-chip Hang Seng Index .HSI was up 0.8 percent, supported by advancing Asian equity markets.
The index opened up 1.1 percent at 23,360.68.
STOCKS ON THE MOVE:
* Record gold and crude prices ignite rally in resource stocks
Oil producer PetroChina Co Ltd (0857.HK) jumped 2.2 percent to HK$11.02 and offshore oil specialist CNOOC Ltd (0083.HK) climbed 2.4 percent to HK$12.14.
Lingbao Gold (3330.HK) surged 6 percent to HK$5.12.
Aluminum Corp of China (Chalco) (2600.HK), the country's top alumina producer, jumped 2.9 percent to HK$14.9, amid a commodities rally. Credit Suisse said it was raising the stock to neutral from underperform after the bank upgraded aluminum price forecasts by 16 percent for 2008.
* China COSCO Holdings Co Ltd (1919.HK) jumped 4.4 percent to HK$22.50 after its parent and China's largest shipping conglomerate China Ocean Shipping (Group) Co (COSCO Group) said it may inject its tanker fleet assets into the listed flagship [ID:nHKG231999].
* Hong Kong Exchanges and Clearing (0388.HK), Asia's largest listed bourse, rose 1.7 percent to HK$143.40 after beating forecasts by more than doubling fourth quarter profits [ID:nHKG115461].
* Ping An Insurance (Group) Co (2318.HK) advanced 2.1 percent to HK$57.60. Its shareholders approved on Wednesday an offer of new shares and convertible bonds that could raise about $17 billion in one of the world's biggest corporate fund-raisings [ID:nSHA236419]. Investors expect the life insurer to fund overseas acquisitions with the fundraising proceeds.
* Sun Hung Kai Properties (0016.HK), which is expected to report earnings later in the day, advanced 2.3 percent to HK$133. For a results preview, click [ID:nHKG177551].
* Chong Hing Bank (1111.HK) dropped 1 percent to HK$16.10 after the small Hong Kong lender on Wednesday booked a loss of HK$369.6 million ($47.3 million) on its holdings in structured investment vehicles, one of the complex instruments at the centre of the credit market meltdown, wiping out a chunk of its 2007 profit [ID:nHKG249364]. (Reporting by Rita Chang)
