HK Hot Stocks: China COSCO down but China Resources Power up
HONG KONG, May 21 (Reuters) - Here are some stocks on the move in Hong Kong on Wednesday.
As of 0230 GMT, the blue-chip Hang Seng Index .HSI had lost 0.89 percent to 24,945.87.
The China Enterprises Index of Hong Kong-listed mainland companies .HSCE, or H shares, fell 1.58 percent following a 1.4 percent drop for mainland China's Shanghai Composite Index .SSEC on Wednesday.
STOCKS ON THE MOVE:
* Shares in China COSCO (1919.HK), the country's largest shipping conglomerate, fell 4.8 percent after JP Morgan downgraded the stock to neutral from overweight.
"We don't not see any reason for adding exposure to the stock due to a potential downturn in the cycle in 2009 and its rich valuation relative to the resale value of its own fleet," the bank said in a research report on Tuesday.
* Shares in oil refiners Sinopec (0386.HK) and PetroChina (0857.HK) fell 1.9 and 0.9 percent, respectively, after crude prices hit a record high overnight, which will put pressure on their loss-making refining units. [O/R]
PetroChina also said five employees had died, five were missing and 74 were injured in the earthquake in Sichuan province. But the quake should not have any material adverse effect on its production and operations, it added. For details please see here
* Shares in China Resources Power (0836.HK) edged up 0.42 percent after the firm said it would pay 2.51 billion yuan for power projects. For details please see here
But shares of other power firms were mostly lower, with Huadian Power (1071.HK) topping the sector losers to fall 4.49 percent on concerns over record coal prices and a shortage of the carbon. [ID:nSHA329240] (Reporting by Alison Leung; Editing by Anne Marie Roantree)
