REFILE-HK shares close at 1-yr low; China Comm Cons drops

* Stocks hurt by earnings, economic slowdown concerns

* China Communications Construction tumbles on downgrades

* Shipping stocks roiled by global slowdown fears (Refiles to include final closing prices) (Updates to close)

By Parvathy Ullatil

HONG KONG, Sept 4 (Reuters) - Hong Kong shares fell 1 percent to close at a one-year low on Thursday, weighed by earnings concerns amid slowing economic growth, while China Communications Construction (1800.HK: Quote, Profile, Research, Stock Buzz) plummeted on broker downgrades.

China's top builder of highways and ports tumbled 13.7 percent to HK$10.74, its lowest level in 15 months, as analysts forecast softening investment growth in China's construction sector and further raw material price hikes. The stock was the most actively traded issue of the day.

Citigroup cut its rating on the stock to sell from hold with a reduced target price of HK$11.20, while Deutsche Bank downgraded the company to hold from buy, slashing its target price to HK$13.70 from HK$20.50. Both the notes were dated Sept. 3.

"It's easier for a broker to downgrade a stock because that usually gets a strong reaction from this market. Investors hardly buy on upgrades anymore," said Steven Leung, director with UOB Kay Hian.

The benchmark Hang Seng Index .HSI was down 195.58 points at 20,389.48, its lowest close since August 17, 2007.

Mainboard turnover rose slightly to HK$56.5 billion ($7.2 billion) from HK$56.1 billion on Wednesday.

"The next two or three days are extremely critical as liquidation sales in commodities should help the market find its bottom quickly from here on," said Alex Wong, director with Ample Finance Group.

The Hang Seng has fallen in 14 of the last 21 sessions but intermittent gains like a sharp post-earnings relief rally last month have kept the index from breaking below 20,000 points.

The HSI has lost more than 26 percent so far this year and 35 percent from its October 2007 highs.

Shares in China Netcom 0906.HK closed 2.2 percent higher, after jumping close to 6 percent earlier, after Spain's Telefonica (TEF.MC: Quote, Profile, Research, Stock Buzz) said it had agreed to expand its stake in the Chinese carrier by 5.74 percent for up to 802 million euros ($1.16 billion) [ID:nNL438586].

Shares in wireless operator Unicom (0762.HK: Quote, Profile, Research, Stock Buzz), which is merging with Netcom under a government-orchestrated reorganisation of the world's largest telecoms industry, also gained 2 percent.

The China Enterprises Index .HSCE of top Hong Kong-listed mainland Chinese firms fell 1.4 percent.  Continued...