HONG Kong stocks led a global scramble for blue chip shares yesterday, with local shares making a record-breaking run on the full effects of a cash explosion on local and overseas buying.
The Hang Seng Index rocketed to a historic close of 9,031 on turnover of $10.19 billion. On the year so far, the index has risen 64 per cent.
Investor betting in Hang Seng Index futures saw the October contract come to rest at 9,145, up 325 points on the day and at a 114-point premium to the actual index, indicating it still has more ground to cover.
But memories of the crash in October 1987 stirred Financial Secretary Hamish Macleod to appeal to investors to retain a degree of caution in their judgments.
''Stock markets can go down as well as up. This is not something for widows and orphans to become involved in,'' he warned.
Hong Kong was just one stock market among many to see records fall in a worldwide hunt by investors seeking out lucrative returns in some of the best markets.