HK Hot Stocks-CNOOC leads losses, Esprit gains

HONG KONG, July 16 (Reuters) - At 0328, the Hang Seng Index .HSI was down 0.5 percent at 21,080.34, after opening below 21,000 for the first time since August 2007.

The China Enterprises Index .HSCE of top locally listed Chinese firms gave up 0.4 percent.

Here are some of the stocks on the move.

* HSBC Holdings (0005.HK) climbed 0.4 percent after losing nearly 5 percent over the previous two sessions. Bargain hunters returned to the market on Wednesday, mopping up badly battered financial services stocks after Tuesday's free-fall.

China Construction Bank (0939.HK) rose 0.6 percent.

* China's top electricity producer, Huaneng Power (0902.HK), fell 2.8 percent after it said on Tuesday it may have made a first-half loss as record high coal prices eroded the company's bottomline. [ID:nHKG178012]

Huadian Power (1071.HK), which followed up Huaneng's announcement with a profit warning of its own, dropped 1.5 percent.

* Shares in casino mogul Stanley Ho's SJM Holdings (0880.HK) finally made their trading debut, falling to HK$3.02 after opening at its IPO price of HK$3.08.

* Offshore oil producer CNOOC (0883.HK) dropped 5 percent, leading losses on the main index, after oil prices tumbled the most in nearly 17 years on Tuesday on worries over the U.S. economy.

Asia's largest refiner, Sinopec Corp (0386.HK), gained 1.4 percent, with lower oil prices seen reducing the company's mounting refining losses.

* Cathay Pacific (0293.HK) rallied 3.2 percent on retreating oil prices. Hong Kong's leading air carrier lost nearly 3 percent on Tuesday after JP Morgan trimmed its earnings estimates and price target on the stock.

* China Communications Services Corp Ltd (0552.HK) jumped 3.9 percent after Goldman Sachs upgraded the stock to buy from neutral, as the bank recently revised up China's telecoms industry capital expenditure estimates by 6-15 precent for 2008 to 2010.

The bank also revised up its target price for the stock to HK$6.50 from HK$5.4

* Hong Kong-based apparel and accessories retailer Esprit Holdings (0330.HK),the only gainer on the benchmark index in Tuesday's sell-off, gained a further 2.1 percent, after the firm said it bought back 1.65 million shares for HK$127.8 million.

* Shares in Ping An Insurance (2318.HK)(601318.SS) added 1.8 percent to Tuesday's 7.1 percent drop after Fortis (FOR.AS) dropped 11.4 percent. The Chinese insurer has a 4.99 percent stake in the bank.

The Belgian-Dutch financial services company denied needing fresh capital and said the solvency measures announced at the end of June were adequate, after its shares plunged on concerns it might have to raise more funds. [ID:nL1536610]

* Dore Holdings Ltd (0628.HK), which has interests in timber trading and entertainment business, plunged more than 30 percent after it told the stock exchange it expected to record a substantial loss for the year ended March 2008 due to an impairment loss in respect of intangible assets. (Reporting by Parvathy Ullatil; Editing by Anne Marie Roantree)