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. Singapore hit a new high in a rush for blue chips which took the Straits Times Industrials Index soaring to 2,116 points, a gain of three points on the day and 45 per cent on the year so far. In Australia, strong overseas buying took the All Ordinaries Index up 12 points to a two-year high of 2,085, up more than 28 per cent on the year so far. Shares in London registered another record closing with steady demand from American and domestic investors combined with hopes for European interest rate cuts keeping UK equities buoyant. Healthy gains in other European markets also helped the FTSE 100 index to hit a record closing high of 3,137, a gain of 17 points on the day and 9.5 per cent on the year so far. In Germany, more hopes for interest rate cuts saw the main Dax index rise 18 points to 2,033, up 31 per cent on the year so far. Shares in Manila ended at record highs as investors scooped up stocks in the Philippine Long Distance Telephone Company. The Composite Index closed at 2,188 points after hitting an intra-day high of 2,216. On the year so far, investors who have ridden the market have seen returns of some 51 per cent. Not to be left out, shares in New York were on the cusp of a record last night (Hong Kong time) as the Dow Jones Industrial Average index traded around 3,632, less than two points from record territory. A dealer at James Capel in London said last night: ''We've been seeing records falling like flies recently. The sheer volume of trading coming into shares seems to suggest more records will go soon.'' In Hong Kong, a spokesman for Barclays de Zoete Wedd said: ''Trading was just crazy. All we could do was keep up with the pace of the share trading. Between the order and the execution, share prices were always moving ahead of us.'' During 13 days' trading, the stock market has entered new territory 12 times. Having been bitten by the overseas buying bug, the Hang Seng Index has risen 20 per cent since September 29. In yesterday's hectic activity, the big blue chips were the most heavily traded. Hongkong and Shanghai Bank Holdings ended $2.50 up at a previously unthinkable $90, Jardine Matheson Holdings leapt $4.50 to $74, Wharf Holdings was up $2.20 to $27.50 and China Light and Power was up $2 to $52.50. A massive $785 million was traded on the Hongkong Bank shares, while Hongkong Telecom drew the second biggest turnover for the day of $529 million, ending the day 20 cents down at $16.50.