HK Hot Stocks - Shipping stocks, resources drag

HONG KONG, Aug 7 (Reuters) - At 0326 GMT, the Hang Seng Index .HSI trimmed gains to 0.4 percent to 22,040.03, with CNOOC (0883.HK) slipping on lower crude prices and Cathay Pacific Airlways (0293.HK) taking a beating on disappointing earnings.

The China Enterprises Index .HSCE of top locally listed Chinese firms was slightly lower with resource counters and shipping stocks on the decline.

Here are some stocks on the move in late morning trade:

*Shipping stocks took a beating on Thursday after the benchmark Baltic Dry Index .BADI, which measures changes in the cost of shipping commodities, fell 2.9 percent on Wednesday, extending its four-week 15.5 percent decline, on worries over the global economic slowdown.

Shares in China's largest shipping firm, China Cosco (1919.HK), dropped 5.1 percent to become the biggest decliner on the H-share index while China Shipping Development (1138.HK) gave up 4.9 percent.

China Shipping Container Lines (2866.HK) tumbled 5.3 percent after the company said it was paying 2.6 billion yuan ($379.7 million) to buy a 100 percent stake in terminals investor China Shipping Terminal Development Co Ltd from its parent.

*Metal stocks extended Tuesday's sharp pullback on retreating global commodity prices and worries about softening demand.

Jiangxi Copper (0358.HK) slumped 6.5 percent while Angang Steel (0347.HK) slipped 5.3 percent.

*Cathay Pacific (0293.HK) dropped 4.2 percent after Asia's third-biggest airline reported an unexpectedly large loss in the first half.

Soaring fuel costs and a one-time cargo price fixing fine led Cathay to its first loss in five years. Most analysts expect the airline to come under further pressure with the global slowdown weighing on air traffic.

*Hunan Nonferrous Metals Corp (2626.HK) plummeted 11.5 percent to an all-time low of HK$1.55 after the company said late Tuesday it expected its first-half net profit to fall significantly amid substantial decreases in the average selling price of zinc.

*Asia's largest refiner Sinopec Corp (0386.HK) jumped 2.1 percent while offshore oil producer CNOOC (0883.HK) slipped 1.9 percent after crude hit a three-month low on Wednesday on rising U.S. inventories.

*Export-oriented stocks got a shot in the arm after the U.S. Federal Reserve decided not to raise borrowing rates, calming worries of further pressure on consumer spending in the world's largest economy.

Li & Fung (0494.HK), which supplies consumer products to Wal-Mart, rose 2.3 percent while Foxconn International Holdings (2038.HK), the world's largest contract manufacturer of handsets, gained 1.3 percent.

*Property developers also rose on the Fed's call to hold rates which keeps local lending rates at the same level. Hong Kong follows U.S. interest rate decisions on account of a peg between the local currency and the greenback.

Billionaire Li Ka-shing's Cheung Kong Holdings (0001.HK) gained 1.4 percent while Henderson Land Development (0012.HK) jumped 1.7 percent.

*Hong Kong's fifth-largest lender Bank of East Asia (0023.HK) added another 2 percent to Tuesday's 8.3 slump after reporting a lower-than-expected, 52 percent growth in first-half earnings owing to writedowns linked to the global credit crises. ($1=6.848 yuan) (Reporting by Parvathy Ullatil; Editing by Ben Tan)