Some investors say the stock market may have peaked after a number of penny stocks shot up unexpectedly yesterday. Sixteen companies issued statements of 'unusual price and volume movements' including Cheung Kong Infrastructure Holdings, Chongqing Iron & Steel, Softbank Investment International (Strategic) and LeRoi Holdings. 'Hong Kong's stock market has entered such a crazy bull run that even some small-cap stocks saw price rises,' said Ricky Tam Siu-hing, an investment director at Champlus Asset Management. 'It's a signal that stocks are near their peak.' The Hang Seng Index ended up 0.51 per cent at 20,413.39 points yesterday, below an intraday high of 20,554. The H-share index rose 1.25 per cent to close at a new high of 10,766.08 points. Mr Tam said it was difficult to tell when the peak would come because the market was liquidity-driven and the flow of hot money was hard to track. Traditional investment theory has it that the bull market will be in its final stage if money starts to flow into poor quality and small stocks after most blue chips and high quality stocks peak.