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* HSI closes at 5 month low; HKEx at 14-month low

* Resource stocks drag on commodity price pullback

* Foxconn slumps on bleak handset demand outlook

By Parvathy Ullatil

(updates to close)

HONG KONG, Aug 15 (Reuters) - Hong Kong shares fell 1.1 percent on Friday, with the main index closing at its lowest level in nearly five months, after a spate of disappointing earnings announcements triggered analyst downgrades.

"With weak corporate earnings pouring in almost everyday and we have been seeing heavy selling since the beginning of the month," Alex Tang, research director with Core Pacific-Yamaichi said.

The blue chip Hang Seng Index .HSI has given up more than 7 percent since end-July and 3.3 percent this week.

"Funds have taken to rotational selling with Chinese banks going first, then conglomerates, HKEx and utilities today. Property stocks seem next in line, with a few big results expected next week," said Tang.

Offshore oil producer CNOOC fell 4.3 percent, leading losses on the main index, as it tracked a retreat in crude oil prices. The stock had risen 7.5 percent on Wednesday.

Gold miner Zijin Mining dropped 6.9 percent after the international gold price tumbled 3 percent and slipped below $800 an ounce for the first time since December 2007.

The world's largest contract manufacturer of cell phones, Foxconn International Holdings , plunged 9.4 percent to HK$7.87, falling in line with Taiwanese parent Hon Hai Precision on growth concerns.

JPMorgan slashed its target price on Foxconn International to HK$8 from HK$13 on Thursday, citing weak outlook for handset market in the second half.

The Hang Seng Index .HSI ended the morning session down 232.13 points at 21,160.58.

Market watchers see the next major support on the index at its March 2008 low of 20,600 points.

Shares in bourse operator Hong Kong Exchanges & Clearing fell 0.8 percent to close at a 14-month low of HK$100.20 after posting a 6 percent dip in second quarter earninsg and warning of tougher times ahead.

Hutchison Whampoa , billionaire Li Ka-shing's flagship conglomerate, rose 2 percent ahead of an earnings announcement due next week.

Citigroup forecast a net profit of HK$6.99 billion for the first half and said the company is seen meeting its guidance for the first time since it launched 3G services in 2003.

Index heavyweight China Mobile fell 1.4 percent. Morgan Stanley removed the stock from its Global Emerging Markets Equity Strategy focus list.

Mainboard turnover fell to a very low HK$49 billion ($3.4 billion) from HK$61.1 billion on Thursday.

The China Enterprises Index .HSCE of top locally listed Chinese firms had fallen 0.7 percent.

Melco International Development advanced 6.7 percent after the company said its Nasdaq-listed casino-operator Melco Crown Entertainment MPEL.N trimmed its second-quarter loss to US$5.7 million against a US$69.2 million loss last year.

(Reporting by Parvathy Ullatil; Editing by Tom Miles)