HK Hot Stocks:Chinese financial, power stocks surge

HONG KONG, April 24 (Reuters) - Here are some stocks on the move in Hong Kong on Thursday.

As of 0246 GMT, the blue-chip Hang Seng Index .HSI had gained 1.87 percent to 25,761.96.

The China Enterprises Index of Hong Kong-listed mainland companies .HSCE, or H shares, surged 3.71 percent, boosted by an 8.6 percent rally in Shanghai stocks .SSEC.

STOCKS ON THE MOVE:

* Ping An (2318.HK) led the blue chip gainers to rise 8.3 percent and China Life (2628.HK) surged 6.4 percent as Chinese financial stocks cheered Beijing's decision to cut the share trading tax in China.

Shares in Bank of Communications (3328.HK) rose 5.2 percent.

The reduction in the stamp tax, to 0.1 percent from 0.3 percent, will make little difference to the investment costs of all but the most active short-term traders. [ID:nPEK342226]

* Chinese power firms rallied on hopes that Beijing will allow them to raise tariffs later this year.

Shares in China Resources Power (0836.HK) jumped as much as 19 percent on Thursday as company executives expect the government to raise power tariffs in the third quarter of this year. They later retreated to HK$19.04, up 13.2 percent by 0231 GMT.

Datang International (0991.HK) jumped 7.5 percent. The company said it generated 6.45 percent more power during the first quarter due to an increase in capacity of operating generation units.

Huaneng Power (0902.HK) rose for the third consecutive day, gaining 8.4 percent, even after it reported an 80 percent fall in first quarter earnings earlier this week on surging coal costs.

* Shares in PetroChina Co Ltd (0857.HK), Asia's largest oil and gas producer, extended gains and was up nearly 5 percent on expectations that Beijing will offer more favourable policies to oil refiners following its decision to provide a subsidy against losses due to refining imported crude oil.

Sinopec (0386.HK) rose more than 3 percent. The company said it would invest 20 billion yuan ($2.9 billion) to upgrade its plants before 2010 to ensure its refined oil products meet new national standards. [ID:nHKG189434]

* Shares of Star Cruises (0678.HK) edged up 0.62 percent after the company said it would sell two vessels for an aggregate US$380 million. For details please see here

* Shares in Titan Petrochemicals (1192.HK) dropped 8 percent after the oil storage and distribution services provider reported a net loss of HK$29 million for 2007, reversing a profit of HK$100 million the previous year. But the firm expects to return to profit this year due to contributions from its shipyard.

For results details please read here (Reporting by Alison Leung; Editing by Anne Marie Roantree)