At 0220 GMT, the Hang Seng Index .HSI was down 0.1 percent at 21,841.53 led by a 2.5 percent drop by index heavyweight China Mobile

The stock fell below HK$100 for the first time in nearly a year on Monday as investors fretted about the company's earnings growth amid slowing economic growth in China and regulatory uncertainties. Citigroup & UBS cut their earnings estimates and target price on the stock on Monday.

The China Enterprises Index .HSCE of top locally listed Chinese firms had slipped 0.3 percent tracking a 1.5 percent drop on the Shanghai bourse.

Here are some of the stocks on the move in early trade.

* Shares in Li & Fung jumped 5 percent ahead of its first half earnings announcement on Wednesday.

The company, which supplies consumer products to the likes of Wal-Mart Inc., is tracking a sharp rally in U.S. retail stocks on hopes that lower fuel prices will boost consumer spending.

* Lower oil prices also sent shares in Cathay Pacific soaring 4 percent. The airline is expected to cut flights on some routes in a bid to control surging fuel bills.

* Gold miner Zijin Mining tumbled 5.8 percent as the price of the precious metal fell to its lowest in nearly eight months on Tuesday on a rising U.S. dollar.

Source:reuters