By default, the flex application can show hand cursor when rollover by enabling useHandCursor and buttonMode properties.
However, in Text control, the cursor will not change to hand even you set the selectable = false. The tricky thing is that we have to set its mouseChildren to false also.
<mx:Text useHandCursor=”true” buttonMode=”true” mouseChildren=”false” />
mouseChildren – Determines whether or not the children of the object are mouse enabled. If an object is mouse enabled, a user can interact with it by using a mouse. The default is true.