A buoyant week of trading left the Hang Seng Index within 4.99 per cent of an all-time high yesterday amid signs of a broadening wave of support for the market. The index jumped 3.7 per cent this week to close yesterday at 15,840.41, within sight of the market's record of 16,673.27 reached on August 7, 1997. Brokers said they expected the index to climb to a record close by the end of next month. 'It is entirely possible this month, but if not this month then next month,' Core Pacific-Yamaichi research director Alex Tang Yee-yuk said. In the past few weeks, the market has concentrated on a few telecom-related stocks, such as Hutchison Whampoa and China Telecom. As a result, brokers had questioned the durability of the rally. However, recent rebounds in property stocks have made them more optimistic on the market's strength. 'The property counters are moving - this is very important,' Mr Tang said. 'Once people start buying property counters they will lead the market to challenge the previous high.' Henderson Land Development surged 9.35 per cent to $49.10 yesterday while Sun Hung Kai Properties jumped 5.76 per cent to $78. The weakness of stocks outside the Hang Seng Index, such as red chips and H-shares, was taken as evidence that the overall market had the potential to rise further. 'The bull market hasn't got into full stride yet,' South China Brokerage vice-chairman Howard Gorges said. Brokers advised that investors should not sell their stock yet as further gains were on the way. 'Hang on, sit tight and enjoy the wave of euphoria,' Mr Tang advised. Yesterday's turnover of $15.13 billion is still low compared with the levels of the bull run in 1997, showing many funds had yet to enter the market, brokers said. 'They're not the $20-30 billion turnover days that we saw in parts of 1997,' Mr Gorges said. 'I hope those are ahead of us.' Funds are expected to flow into Hong Kong from overseas next year with fund managers increasing their weighting on the SAR as the economic fundamentals continue to improve. 'People will be swarming into the Hong Kong market next year,' BNP Prime Peregrine head of Hong Kong research Adrian Ngan Wai-hung said. However brokers admitted there were risks to their rosy forecasts, particularly from the US in terms of higher interest rates and a correction on Wall Street.