HK Hot Stocks-Esprit, HSBC, SouthGobi Energy fall

HONG KONG, May 17 (Reuters) - By 0230 GMT, the benchmark Hang Seng Index had extended losses, down 2.5 percent at 19,636.88. The China Enterprise Index of top locally listed mainland stocks was down 3.4 percent.



Here are some stocks on the move:

* Europe-focused fashion retailer Esprit dropped 7.2 percent, while British lender HSBC Holdings fell 2.9 percent on concern that sharp cuts in government spending in Europe will slow growth in the area, hurting corporate profits.

Esprit, HSBC and Chinese banks were among the most actively traded stocks in the session.

* Industrial & Commercial Bank of China slid 2.5 percent. The lender has selected four banks to handle its Shanghai fundraising, sources said on Friday, aiming to raise 25 billion yuan ($3.7 billion).

Other Chinese lenders were also weak, with Bank of Communications down 3.7 percent.

* Canadian coal miner SouthGobi Energy Resources tumbled 7.7 percent after it reported a first-quarter loss of $162.3 million as the company lost millions in China Investment Corp convertible debentures and derivatives.

* Electronic power meter maker Wasion Group fell 3.2 percent. The company said it would team up with Siemens Ltd China to conduct research on the feasibility of smart grid pilot projects in China, including smart consumption of electricity.
((Reporting by Jun Ebias; Editing by Chris lewis))
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HONG KONG, May 17 (Reuters) - By 0345 GMT, the benchmark Hang Seng Index had fallen 2.4 percent at 19,670.46. The China Enterprise Index of top locally listed mainland stocks was down 3 percent.



Here are some stocks on the move:

* Export counters such as contract cellphone maker Foxconn International fell 7.4 percent and Europe-focused fashion retailer Esprit dropped 7 percent on concern that sharp cuts in government spending in Europe will slow growth in the area, hurting corporate profits.

Foxconn also fell after JPMorgan cut its price target on the stock to HK$5.40 from HK$8.00 due to slower earnings expectations, dealers said.

British lender HSBC also slipped 2.4 percent on the lingering sovereign debt woes in Europe.

Esprit, HSBC and Chinese banks were among the most actively traded stocks in the session.

* Industrial & Commercial Bank of China slid 2.5 percent. The lender has selected four banks to handle its Shanghai fundraising, sources said on Friday, aiming to raise 25 billion yuan ($3.7 billion).

Other Chinese lenders were also weak, with Bank of Communications down 3.3 percent.

* Canadian coal miner SouthGobi Energy Resources tumbled 11.3 percent after it reported a first-quarter loss of $162.3 million as the company lost millions in China Investment Corp convertible debentures and derivatives.

* Electronic power meter maker Wasion Group fell 2.6 percent. The company said it would team up with Siemens Ltd China to conduct research on the feasibility of smart grid pilot projects in China.
((Reporting by Jun Ebias; Editing by Ken Wills))
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