HK Hot Stocks-Chalco,Ping An tumble; Esprit rises

HONG KONG, July 3 (Reuters) - At 0318 GMT, the Hang Seng Index .HSI trimmed losses to 0.9 percent after opening down 1.5 percent as modest gains in index heavyweights China Mobile (0941.HK: Quote, Profile, Research, Stock Buzz) and CNOOC (0883.HK: Quote, Profile, Research, Stock Buzz) eased the HSI off its lows.

The China Enterprises Index .HSCE of top locally-listed Chinese firms gave up 2.3 percent.

Here are some of the stocks on the move:

*Aluminum Corp of China (2600.HK: Quote, Profile, Research, Stock Buzz), known as Chalco, tumbled more than 7 percent as increased power tariffs weighed down the stock. China's power producers raised on-grid tariffs by an average of 4.7 percent on July 1.

Chalco issued a profit warning last month, tipping off investors about an at least 50 percent fall in its interim profit.

* Ping An Insurance (2318.HK: Quote, Profile, Research, Stock Buzz) (601318.SS: Quote, Profile, Research, Stock Buzz) fell another 8 percent after Wednesday's 7.8 percent plunge as investors continued to dump the stock on rumours it was facing problems related to a tax audit. The company has denied the talk. [ID:nSHA343105].

The stock was also ravaged by a continued slide in Chinese bourses and worries over its plan to maintain a 5 percent stake in Belgian-Dutch financial services group Fortis (FOR.AS: Quote, Profile, Research, Stock Buzz) by buying more shares in its upcoming capital-raising.

* Chinese banks also joined the slump, dragged lower by the eight-month bear run in the mainland Chinese markets, where lenders have substantial investments. Banks were also hit by speculation about an imminent rate increase in China.

ICBC (1398.HK: Quote, Profile, Research, Stock Buzz) fell 2.5 percent and China Construction Bank (0939.HK: Quote, Profile, Research, Stock Buzz), the most heavily traded stock of the day, stumbled 2.9 percent.  Continued...