HK Hot Stocks- HKEx tumbles,Bank of East Asia dives
HONG KONG, July 8 (Reuters) - At 0337 GMT, the Hang Seng Index was down 2.6 percent at 21,349.65.
All but one of the stocks on the Hang Seng Index .HSI and China Enterprises Index .HSCE were in the red in late morning trade. Yanzhou Coal (1171.HK) bucked the trend to gain 1.6 percent after recent pullbacks.
The China Enterprises Index of top locally listed Chinese firms slid 2.9 percent.
Here are some of the stock on the move.
* Bourse operator Hong Kong Exchanges & Clearing Ltd (0388.HK) tumbled nearly 6 percent, with analysts slashing their target price on the stock given the dwindling turnover on the exchange and a dim outlook for the second half of 2008.
* Offshore oil producer CNOOC (0883.HK) gave up 2.5 percent while Asia's biggest oil and gas company, PetroChina (0857.HK), stumbled 3.6 percent after international crude oil prices dropped $4 per barrel on Monday.
* Local lender Bank of East Asia (0023.HK) plunged 6.8 percent after Morgan Stanley cut its rating on the stock to underweight from equal-weight on reduced earnings expectations.
* Junket aggregator Neptune Group Ltd (0070.HK) slumped 10.3 percent after it said it would pay HK$4.32 billion ($553.8 million) to gain control over a junket and promoter at Galaxy Entertainment's (0027.HK) StarWorld Casino in Macau. * Foxconn International Holdings (2038.HK), the worst performing stock on the Hang Seng Index this year, slid 5 percent after it was downgraded to sell from underperform by CLSA as it faces weakening handset demand.
The brokerage house cut its target price on the stock to HK$6.20 from HK$11.80 and forecast a 13 percent fall in 2008 earnings. (Reporting by Parvathy Ullatil; Editing by Anne Marie Roantree)
