THE record stock market turnover might indicate the huge rises in the Hang Seng Index over the past 11 days are about to top out. ''The problem is every time a broker has stood up and said this or sell the market has gone too far, the index does another ton [100 points] the very next day,'' said a broker who wanted to remain nameless. SBC Derivatives salesman James Vinall said European and local money dominated the market, after an extended period in which money from North America was allowed to push up the index. It closed 351.58 points up at 8,763.98 on a turnover of $9.09 billion. Another broker said: ''Local money! I don't think I have seen so much PA [brokers trading on personal accounts]. They've watched it go up this long and they were looking for an excuse to buy.'' The stock market was strongly up at the start, pushing the index more than 140 points ahead in the first moments of trading to 8,654. As in previous days of trading it held this level for some 30 minutes before making for new ground to 8,698.45 by 11.30 am. Mild caution then set in, taking the index back to 8,684.65, up 272.25 points at the lunchtime close. In the first 15 minutes of trading in the afternoon, the index edged up to 8,700. At 2.45 pm, it remained on the cusp of the new century in index points, pausing at 8,703.13 before moving through decisively to a high of 8,777 on the day. By index sub-sector, the strong buying in Hongkong Telecom, adding $1.80 to the stock to take it to $16.70, pushed utilities up 7.21 per cent to 11,304.95 points. Commerce and industry was up 3.85 per cent to 6,554.52 points, properties added 3.21 per cent to 13,926.86 points and banks rose 2.8 per cent to 7,685.23 points. HSBC jumped $2 to $87.50 on a turnover of $597.87 million, the heaviest of the day. Cheung Kong gained $1.50 to $33.25 on a turnover of $545.66 million, the second highest of the day. Hang Seng Bank put on $2 to $58 on a turnover of $293.08 million and Sino Land rose 30 cents to $6.40 on a turnover of $278.32 million, the fourth and fifth most heavily traded stocks of the day respectively. The top 10 stocks by turnover with their associated warrants made up about 40 per cent of total market turnover, in line with the previous 10 days of trading. Trading in index futures was also at record levels with 16,779 lots dealt. Index futures allow investors to bet on where they think the index will go next. For the end of October investors buying contracts at the close were confident the market will be at 8,820 - 57 points higher than yesterday's physical close. Fidelity Investments' managing director Bill Ebsworth said: ''Investors in the US are looking at very small fixed interest returns and the traditional next step is to look at equity markets. ''But the market [in the US] is trading at a PE of 20 times with only nine per cent growth next year, and the US economy is going nowhere.'' ''They look at here and say Hong Kong is selling at 13 times with 15 per cent earnings growth. ''To us in Hong Kong, it doesn't sound great because last year it was 10 times and 20 per cent. But to a global investor Hong Kong looks pretty good.'' Among the smaller stocks, there was heavy trading in Lee Ming Tee's Allied Group. The company was the 10th most heavily traded stock of the day. It rose 13 cents to $1.31 on a turnover of $206.85 million. Allied Properties fell seven cents to $1.75 on a turnover of $145.1 million. The company said yesterday in a letter that the major shareholder in Allied Group was Lee and Lee Trust with an equity stake of 30 per cent. It said: ''We have been informed that Mr Lee Ming Tee has no beneficial interest in this trust.'' HKR International, which is launching a US$100 million Eurobond, rose 10 cents to $5.15 on a turnover of $23.55 million. The group has had its land bank portfolio revalued, raising the asset value of the company property by 14.6 per cent from the last time it was valued some six months ago. ABC Communications was the best performer of the day with a gain of 14.28 per cent 45 cents to $3.60, and Champion Technology was the next best after it rose 13.4 per cent or nine cents to $7.60.