$CM BANK(03968.HK) and $BANK OF CHINA(03988.HK) have basically remained unchanged, but their relative strength indicators have read 83 and 76 respectively, both entering overbought territory.

The rise in Hong Kong stock market large-cap banks this time has been driven gradually by dividend fundamentals and capital seeking safe havens. The gains were not sharp, so the overbought readings are a result of time accumulation rather than a pulse-driven surge. In this structure, it is difficult for overbought conditions to directly correspond to a pullback; it is more common for the index to grind down while moving sideways.

What truly needs attention is how much room remains for the dividend yield. The indicator itself has limited reference value within a slow bull market structure.