Hutchison Whampoa rose 4.48% on Friday, made a 2 year high and closed at HK$64.15 (ADR $41.25). Its ADR OTC: HUWHY.PK, also rose 3.82% at $41.01. The volume in Hong Kong at 28.13 million shares quadrupled Thursday’s 7.418 million shares.

Since Hutchison announced its 1H10 results, large funds have upgraded the stock. BNP tips Hutchison Whampoa as top pick in Hong Kong’s conglomerate sector. Trading volume has also increased since August and Friday’s rally has breached the resistance at HK$63.70. There is a breakaway gap between HK$65 and HK$67 on its 4-year weekly chart, that will be filled this week.

The near term cap is between HK$70 to HK$73, which will take the stock some time to consolidate before going further to HK$80. The stock has been an underperformer for ten years. It has now turned the tide and become the spearhead of the Hong Kong blue chips. Chinastockventure.com will not be surprised if it goes beyond HK$100 by the end of 2011.

In short, Hutchison Whampoa is a top pick for short term to long term investors.

Hutchison Whampoa 4 year weekly

Hutchison Whampoa 4 year weekly

 
 
 
 
 
 
 
 
 
 
 
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