Hutchison Whampoa climbed to HK$63.3 in early morning session, a new high since September 24, 2008, amid Hang Seng Index plunging  1.44 % below 21000 level.

The stock has risen nearly 19% since reporting 1H results last week. It has been the most heavily traded stock in Hong Kong these few days with nearly HK$1 billion, more than 5% of Hong Kong market’s total this morning.

Technically it has been overbought for many days, with its 9-Day RSI at 84.32 and 14-Day RSI at 81.39. It is recently the most heavily short selling stock. This Thursday morning 25% of its HK$380 million turnover were short-selling. On Wednesday it  grabed a lion’s share of short selling with HK$740.84 million, representing 18.3% of total amount shorted. On Tuesday, it had HK$469.01 million, 25.6% of total amount shorted. If the stock refuses to retreat, short recovering will push the stock higher.hutchison 1 yr chart