HK Hot Stocks:CNOOC, Lenovo down, China National up
HONG KONG, May 23 (Reuters) - Here are some stocks on the move in Hong Kong on Friday.
As of 0231 GMT, the blue-chip Hang Seng Index .HSI had lost 0.45 percent to 24,931.46. It opened up 0.17 percent.
The China Enterprises Index of Hong Kong-listed mainland companies .HSCE, or H shares, fell 0.97 percent, underperforming a 0.24 percent drop for mainland China's Shanghai Composite Index .SSEC on Friday.
STOCKS ON THE MOVE:
* Shares in small-cap, China National Resources Development (0661.HK), soared 24 percent after the company said on late Thursday that it had obtained a mining license for the Tuv Province Wolfram Mine in Mongolia.
* Shares in CNOOC, China's largest offshore oil producer, slipped 4.6 percent after oil prices pulled back sharply overnight from a record above $135 a barrel on Thursday. [O/R]
* Shares in Lenovo (0992.HK), world's No. 4 PC maker, fell 3.4 percent after Deutsche Bank downgraded the stock on Friday to hold from buy on valuation. It had outperformed the blue chip Hang Seng Index .HSI by 29 percent since Jan. 30, the bank said in a research note.
Lenovo doubled its fourth quarter earnings, but lagged forecasts as a decelerating U.S. economy depressed laptop sales, while competition intensified with the likes of Asian rival Acer (2353.TW) [ID:nHKG129404]
* Shares in China Railway Construction Corp (1186.HK) eased 1.3 percent after the company said 32 people related to the company died and 16 construction projects suffered from different levels of impact in the earthquake. For details please see here
* Shares in Karce International (1159.HK) jumped 10 percent after the company said it would buy a firm which holds sale patents of Taiwan Micro Display Corp for HK$3.4 billion, a deal to be settled by issue of convertible bonds and promissory note. For details please see here
* Shares in Zhejiang Glass (0739.HK) tumbled 9.2 percent after the company said it was selling up to 64.17 million new H-shares at HK$6.05 each, a 14.18 percent discount to its closing price HK$7.05 on Wednesday, raising about HK$382 million to expand its glass production business. For details please see here (Reporting by Alison Leung)
