HK shares fall 1.3 pct after steep gains

HONG KONG, July 8 (Reuters) - Hong Kong shares will open 1.3 percent lower on Tuesday, giving up some of the previous session's gains, as investors fret over more negative news from the U.S. financial industry and a possible interest rate hike.

Bourse operator Hong Kong Exchnages & Clearing Ltd (0388.HK) was set to open down 3.1 percent, with analysts slashing their target price on the stock given the dwindling turnover on the exchange.

China Oilfield Services (2883.HK) bucked the trend to resume trade 2.5 percent higher after it announced a $2.5 billion takeover of Norwegian peer Awilco AWO.O.

The Hang Seng Index .HSi was set to open down 280.36 points at 21,632.70.

The China Enterprises Index .HSCE of top locally listed mainland firms was set to open 1.3 percent lower. (Reporting by Parvathy Ullatil; Editing by Anne Marie Roantree)