* HSBC sinks in global bank stock sell-off
* China Mobile drops after first quarter earnings
* Gold miners buck trend on safe haven appeal (Updates to close)
By Parvathy Ullatil
HONG KONG, April 21 (Reuters) - Hong Kong shares marked their biggest drop in two weeks, falling 3 percent on Tuesday as HSBC slid on a surge in bad debts at Bank of America (BAC.N) while China Mobile succumbed to selling pressure after its first quarter earnings.
Energy stocks pulled back sharply after crude oil slumped more than 8 percent overnight and stayed depressed on Tuesday amid a rising U.S. dollar and growing caution about the pace of recovery in the global economy.
Offshore oil specialist CNOOC (0883.HK) dropped 5.3 percent, while Asia's top oil and gas producer PetroChina (0857.HK) shed 3.2 percent.
Coal stocks joined the retreat with China Shenhua (1088.HK) down 1.7 percent and China Coal Energy (1898.HK) shrinking 4.5 percent.
The benchmark Hang Seng Index .HSI ended down 465.02 points at 15,285.89.
Shares worth HK$57.5 billion had changed hands compared with Monday's HK$57.1 billion.
Despite the slowdown in turnover from last week's daily average of more than HK$70 billion, market watchers believe there is further upside to the market.
"Institutional flows have been very strong in the past few weeks and if you just look at Hong Kong and China, corporate earnings and economic data seem to be improving," said Steven Leung, director with UOB Kay Hian.
"So even if there is a big sell-off in the near term, the market may bounce right back because there are enough institutional buyers waiting to enter this market at a more attractive level," he said. more...
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