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HONG KONG, Apr 12 (Reuters) Hong Kong stocks fell 0.90 percent on Wednesday, tracking soft overseas markets, as investors booked profits in recent gainers such as bourse operator Hong Kong Exchanges and Clearing Ltd.

But MTR Corp. bucked the overall trend in blue chips, climbing nearly 8 percent to HK$21.15, a day after it unveiled a $1.5 billion merger pact with Kowloon-Canton Railway Corp. The stock rose to a record high of HK$21.5 in earlier trade.

The benchmark Hang Seng index had fallen 148.76 points by midday to 16,327.05. Turnover was HK$19.2 billion (US$2.5 billion), up from Tuesday morning's HK$17.7 billion.

''Sentiment is a bit weak,'' said Steven Leung, a trader at UOB Kay Hian Holdings. ''This is a mild consolidation, which is healthy.'' The market was likely to stay weak in the afternoon, although a technical rebound could narrow the losses, Leung said.

Hong Kong Exchanges fell nearly 4 percent to HK$55.8 after a spectacular run that had seen it gain around 80 precent this year.

On a bright note, Chinese oil explorer CNPC (Hong Kong) Ltd.

jumped 20.7 percent to HK$4.375 after it said on Tuesday its 2005 profit jumped more than four-fold. (For details, see [nHKG326256]).

Gold miner Zijin Mining Group Co. Ltd. shot up nearly 15 percent to HK$4.0 after issuing shareholders 10 shares for every 10 owned in its bonus distribution plan. Deutsche Bank revised Zijin's target price to HK$4.06 in line with the issue.

But Zijin's rise was not enough to pull H-shares, or Kong Kong-listed shares in mainland firms, out of negative territory.

The China Enterprises index of H-shares shed 1.48 percent to 6,751.50, dragged down by financial issues.

Investors booked profits in recent gainers Ping An Insurance (Group) Co. of China Ltd., which fell 4.4 percent to HK$21.5, and Bank of Communications Co. Ltd., which slipped 1.6 percent to HK$4.775.

STOCKS ON THE MOVE: * FOXCONN INTERNATIONAL HOLDINGS The mobile handset arm of Taiwan's Hon Hai Precision Industry Co. slumped 3.4 percent to HK$15.75 after it posted a two-fold jump in 2005 earnings on Tuesday as it won market share and reaped the benefits of outsourcing. (For details, see [nHFB077305]).

REUTERS PV BS1211