THE market scorched a path to another record yesterday as China-mad overseas institutions rushed to buy in the run-up to the new year.
The Hang Seng Index climbed 245.92 points, 2.33 per cent, to 10,814.78 - the third record in a row - on a thinned-down turnover of $8.88 billion.
''It is a question of people wanting to buy before the end of the year. Most people don't see it coming down next year,'' said Morgan Grenfell sales director David Lavington.
''A lot of investors are in the market not necessarily because of its pricing but because of its China factor.'' Brokers said foreign funds continued to lead the buying in the market, which saw little selling pressure as investors placed their bets on the mainland economy.
''The feeling is, why wait?'' said Barclays de Zoete Wedd assistant director Nial Gooding.
American and Japanese funds continued to dominate the market, according to brokers.