HK Hot Stocks - Refiners lead, properties rally

HONG KONG, Aug 8 (Reuters) - At 0233 GMT the Hang Seng Index .HSI was 0.13 percent higher at 22,133.94, after opening 0.5 percent lower, helped by gains in oil refiners and property counters.

HSBC Holdings (0005.HK) fell 0.7 percent, weighing down the main index, after American insurer AIG reported a big loss on Thursday, bring the credit crisis back into focus.

The China Enterprises Index .HSCE of top locally listed Chinese firms rose 0.3 percent.

Here are some of the stocks on the move in late morning trade-

*Asia's largest refiner Sinopec Corp (0386.HK) advanced 2.2 percent, leading gains on the main index as crude oil prices held below $120 per barrel in Asian trade after rising overnight.

Asia's biggest oil and gas producer PetroChina (0857.HK), which also has refining operations, rose 1 percent.

*Property counters rose, with some some stocks extending Thursday's gains, as the U.S. Federal Reserve's decision not to hike borrowing costs relieved real estate developers. Higher interest rates in the U.S. would force local rates to rise in tandem as the Hong Kong dollar is pegged to the greenback.

Billionaire Li Ka-shing's Cheung Kong Holdings (0001.HK) gained 1.3 percent while industry leader Sun Hung Kai Properties (0016.HK) rose 0.8 percent. Hang Lung Properties (0101.HK) outperformed with a 4.9 percent rally.

*Shipping stocks continued their downturn for a fifth day after the Baltic Dry Index .BADI dropped 4.4 percent overnight, its steepest fall in nearly two months.

The index, which gauges changes in the price of shipping commodities, has fallen over 19 percent in an uninterrupted slide which began on July 11 as a global slowdown threatens to dampen demand for resources.

China's largest shipping company, China Cosco (1919.HK) tumbled 7.8 percent, adding to its 17 percent decline in the previous four sessions. China Shipping Development (1138.HK) tumbled 5.4 percent.

*Gold miner Zijin Mining (2899.HK) lost 2.6 percent as the price of the precious metal dropped further in Asian trade after falling nearly $8 per ounce in New York overnight on a firmer dollar.

*Shares in Lenovo Group Ltd (0992.HK), the world's fourth-largest PC maker, shot up 4.6 percent after it posted a 65 percent rise in quarterly earnings, in line with analyst expectations.

(Reporting by Parvathy Ullatil; Editing by Jonathan Hopfner)