Fundamentals are hard to sustain.

The first Shanghai Securities Ye Shangzhi Hong Kong Equities in Tuesday, the rise of the third trading day, the Hang Seng index again stood above the 250 daily average.　　Three U.S. financial institutions announced repayment of the government bailout funds, the market is looking forward to the U.S. financial crisis there are good signs, news to stimulate European and American equities in the late Monday retaliation rebound. In the Asian region, the Indian Congress party won in the House of Commons elections, enabling India to continue its financial and state-owned privatization of the reform plan, the Indian Sensex index in Monday surged 17% to create a 7-month high, news led to the regional market following up,　　The mainland a-share and South Korean Kospi index also hit new highs in Tuesday. Driven by the surrounding stock market, Hong Kong stocks rose three trading days, the Hang Seng index closed at 17,544 points in Tuesday, up 521 points, trading volume further increased to HK $ more than 83.7 billion. And the index of state-owned enterprises rose again to 10,000 points above, closing 10,073 points. From the plate of Tuesday, the stock market shares appeared in the trend of the general rise.　　In addition to the three common shares, China Overseas (00688.HK) and Tencent (00700.HK), the Hang Seng Index component stocks appeared in a general pattern. However, the trend of the general increase in the demand for funds, we estimate that the volume of Hong Kong stocks to rise to 900 to 100 billion Hong Kong dollar level, each large market stocks can be sufficient diversion of funds, the situation can be maintained. Otherwise, the disc has the possibility of differentiation, but believe that the short-term speculation of small stocks will continue to act. On the other hand, there was a marked upturn in market sentiment.　　In the case of the warrants market, the proportion of the subscription warrants to the warrants was picked up to 86:14 in Tuesday, is the highest level since two weeks, indicating the investor's cautious attitude has changed, the situation is conducive to Hong Kong stocks to make short-term sprint, but in this on the stroke, beware of the large have to take advantage of the possibility of shipment. The current rally in Hong Kong stocks is mainly driven by external factors. Hong Kong stocks have completed a four-day (11th to 14th) adjustment and pushed up again, but it remains to be seen whether the new wave will be displayed. In fact, Hong Kong's recent economic data has remained weak, with a sharp contraction of 7.8% in GDP in the first quarter, which has seen negative growth for the second consecutive quarter. The newly released unemployment rate from February to April rose from 5.2% to 5.3%, the highest level since 3.5. In view of this, the current wave of Hong Kong stocks is still lack of internal economic factors, the basic support, I believe the wave is more driven by capital inflows. However, into sharp retreat is the characteristics of hot money, in the face of rampant capital market conditions, to beware of the short-term volatility of stock markets will be intensified.　　As Hong Kong's economic performance remains sluggish, it should be doubly cautious about local property stocks and banking stocks. Plate side, the large stock is the trend of the general rise, but has not seen a large stock market to create the recent high, we want to see a new train of the emergence of locomotive stocks, to inject new impetus to the market. Small plate stocks and have the subject matter of the second-line shares, is still the object of fund pursuit. In Tuesday, 43 stocks were less than 2.The Hong Kong dollar's small-cap shares rose to 15% or more days. China Ocean (01919.HK), a handful of second-tier stocks that failed to return to the 250-daily average, has recently hit a 7-month high, with a pick-up in shipping fees that gave the market the cover for the Chinese ocean, and its share price rose by 9.1% in Tuesday.