HK Hot Stocks-Sinopec stumbles, gold stocks gain
HONG KONG, June 27 (Reuters) - AT 0321 GMT, the Hang Seng Index .HSI was down 2 percent at 22,004.10, as investors fretted over a double whammy of expected lower profitability at big U.S. corporations and record high oil prices.
All but one of the index's 43 constituents were in the red.
The China Enterprises Index .HSCE of top locally listed mainland firms fell 2.5 percent to 11,797.83.
Here are some of the stocks on the move.
* Li & Fung (0494.HK) addded 5.5 percent to Thursday's nearly 7 percent plunge, while Foxconn International Holdings (2038.HK) dived 8.3 percent to hit fresh 2-1/2-year lows. Investors cut their exposure to export-oriented stocks on waning confidence over the health of the U.S. economy.
* Cathay Pacific Airways (0293.HK) shed 3.9 percent on worries over higher fuel costs and after it was slapped with a $60 million fine to settle U.S. price-fixing charges involving vast shipments of consumer goods.
* China Mobile 0941.hk slid 2.1 percent after Merrill Lynch downgraded the stock to neutral from buy on Friday, saying the world's top wireless carrier's obligation to roll out a homegrown but untested third-generation technology would impact its performance [ID:nHKG293452].
* Mainland financials dropped, tracking a 4 percent fall on the Shanghai Composite Index .SSEC. Top insurer China Life (2628.HK) skidded 3.4 percent and China Construction Bank (0939.HK), the most heavily weighted mainland lender on the Hang Seng Index, fell 2.2 percent.
* HSBC Holdings (0005.HK) gave up 1.7 percent after Goldman Sachs warned of more writedowns at its U.S peers, Citigroup (C.N) and Merrill Lynch MER.N.
* Asia's largest refiner, Sinopec Corp (0386.HK), tumbled 4.1 percent as oil prices stayed above $140 per barrel on supply concerns in a weak dollar-denominated market. PetroChina (0857.HK) gave up 2.7 percent.
* Sino Gold 1862.HK, one of the few gainers in the bleak Friday morning trade, jumped 2.2 percent as prices of the precious metal rose to a 1-month high on a weakening U.S dollar. Zijin Mining (2899.HK) rose 0.5 percent. (Reporting by Parvathy Ullatil; Editing by Anne Marie Roantree)
