HK Hot Stocks- China banks tank, CNOOC higher

HONG KONG, Aug 13 (Reuters) - At 0350 GMT the Hang Seng Index .HSI was down 1.1 percent at 21,405.61.

The China Enterprises Index .HSCE of top locally listed Chinese firms had fallen 2.1 percent.

Here are some of the stocks on the move in early trade:

* Asia's largest wireless carrier, China Mobile (0941.HK), dropped 1.8 percent, adding to its 5.6 percent decline this week, as investors fretted about the company's earnings amid slowing economic growth in China and regulatory uncertainty.

The 11 percent fall in the stock in the last six days has wiped off more than HK$220 billion ($28.2 billion) of market capitalisation.

China Mobile's smaller rival China Unicom (0762.HK) followed the industry leader with a 3.2 percent drop while fixed-line operator China Netcom (0906.HK) fell 3.7 percent.

* Chinese banks tanked, weighed down by worries over a likely economic slowdown and renewed inflation fears. The nation's second largest lender China Construction Bank (0939.HK) led losses on the main index, sliding 4.2 percent while top bank ICBC (1398.HK) dropped 4 percent.

Credit Suisse downgraded ICBC to neutral from outperform on Wednesday as it sees the stock succumbing to profit taking on further signs of an economic slowdown in China. But the brokerage raised its target price to HK$6.67 from HK$6. The stock is currently trading at HK$5.33

The mainland's biggest insurer China Life (2628.HK) slipped 2.3 percent tracking recent steep losses on the Shanghai bourse where it holds investments.

* Chinese property developer Country Garden (2007.HK) hit a new all-time low, falling 10.6 percent to HK$3.80 soon after the open on disappointment over its first-half earnings announcement on Tuesday. The stock recovered slightly to trade 8.2 percent lower.

Morgan Stanley slashed its target price on the stock by 29 percent to HK$4.49 as it sees the company buckling under weakening property market conditions.

* Bourse operator Hong Kong Exchanges & Clearing (HKEx) (0388.HK) lost 2.7 percent ahead of its second quarter earnings announcement later today. Asia's largest listed exchange operator is expected to post flat earnings for the second quarter, setting the tone for a worse second half amid fading trading volumes and dwindling investment income.

* Some commodity-linked stocks rose despite retreating prices of resources as analysts called for firmer valuations.

China's largest shipping firm China Cosco (1919.HK) which has given up 28 percent since the end of last month tracking the free fall in the global freight index, jumped 4.1 percent.

Offshore oil producer CNOOC (0883.HK) rallied 3 percent even as oil prices held at $113 per barrel. China Shenhua Energy (1088.HK), the world's most valuable coal miner, gained 1.9 percent.

(Reporting by Parvathy Ullatil; Editing by Dominic Whiting)