HK Hot Stocks - Chalco slips, China properties fall
HONG KONG, Sept 9 (Reuters) - At 0238 the benchmark Hang Seng Index .HSI was down 2.1 percent at 20,357.70.
The China Enterprises Index .HSCE of top locally listed mainland Chinese firms had fallen 3.2 percent. Here are some of the stocks on the move in early trade-
* Aluminum Corp of China (2600.HK), known as Chalco, fell 5.7 percent to HK$6.1 after Deutsche Bank cut its target price on the stock to HK$5 from HK$8 on Tuesday.
"With the costs of key production inputs continuing to rise and further downside risk to alumina/aluminum ASPs (average selling prices), we expect further margin squeeze for Chalco in 2H08 and FY09," wrote analyst Julian Zhu in a note to investors.
The brokerage also slashed its earnings estimates on the company by 24 percent for 2008 and 17 percent in 2009 on higher production costs.
* Shares in Guangzhou R&F Properties (2777.HK) dropped 6.1 percent after Vanke (000002.SZ), China's largest listed property developer, said on Tuesday its real estate sales plunged 35 percent from a year ago.
The China property market has been faltering since late last year on a slowing economy and cooling speculative purchases in high-end urban areas.
Country Garden (2007.HK) fell 2.6 percent while Shanghai Forte (2337.HK) gave up 5 percent.
(Reporting by Parvathy Ullatil; Editing by Jonathan Hopfner)
