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HK Hot Stocks:Shipping stocks up, Dongfang Elec down

Thu May 15, 2008 11:00pm EDT

Stocks

   

HONG KONG, May 16 (Reuters) - Here are some stocks on the move in Hong Kong on Friday.

China

As of 0245 GMT, the blue-chip Hang Seng Index .HSI had gained 0.59 percent to 25,663.08. It opened up 0.6 percent.

The China Enterprises Index of Hong Kong-listed mainland companies .HSCE, or H shares, rose 0.76 percent.

STOCKS ON THE MOVE: * Bulk cargo ship operators rose across the board after sea freight rates for raw materials hit a record high. [ID:nL15783729]

Sinotrans (0598.HK) soared more than 10 percent, China COSCO (1919.HK) rose 4 percent and China Shipping Development (1138.HK) gained 3.5 percent.

Container ship operator CSCL (2866.HK) surged 6.7 percent. * Shares in Hunan Nonferrous Metals Corp (2626.HK) jumped 18 percent after the stock resumed trading following an announcement that it planned to pay about A$81.21 million in a takeover bid for Australian mining firm Abra Mining (AII.AX). For details please see here

* Shares in Dongfang Electric (1072.HK), China's top power generator maker, fell as much as 20 percent on Friday after it said the earthquake in Sichuan had seriously damaged production at its steam turbine business. [ID:nHKF079177]

* Sun Hung Kai Properties (0016.HK) bucked the positive market trend to fall nearly 2 percent after its chairman filed suit to block the firm's directors from removing him, escalating a power struggle at Hong Kong's largest property developer. [ID:nHKG322253] (Reporting by Alison Leung; Editing by Anne Marie Roantree)

China


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