Index heavyweight China Mobile (0941) slid 3 percent, extending the previous session's losses, after Citigroup and UBS cut their earnings estimates and target prices for the stock.

Shares 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 cut China Mobile's earnings estimate for 2008 by 4 percent and slashed its target price to HK$120 from HK$150.

But the brokerage said concern over the company's first-half earnings was overdone and strong traffic growth along with tax savings should help net profit in the first six months to grow 42 percent.

Source:REUTERS