PROPERTY counters have helped inject a strong dose of enthusiasm and optimism into the market, leading it to pierce the 11,000 level. Heading the 470.98 point surge last week was again the property sector, which still had not fully absorbed the good news brought about by the record land-sale result. Fuelling this already hot property counter-buying spree were more good tidings - news of building-code changes in the Kowloon area. The changes are expected to bring about massive redevelopment projects in the densely populated areas. Therefore, among the 10 most-actively traded stock in terms of value, property stocks dominated the list, including SHK Properties, Hongkong Land, Cheung Kong and New World Development. Among the index constituent stocks, the property sector overtook finance as the best performer, gaining 7.66 per cent. Finance edged up only 3.46 per cent, a steady rise, nevertheless. Investors will have their eyes wide open this week, looking for clues about the index's direction after its record run last Friday, which surprised the holiday-mood-filled market with an 11,039.84 close. With only a few more days before 1994 arrives, brokers' year-end review for the market is bound to be a very positive one. The index has sky-rocketed by 100.27 per cent, compared with the last year-end closing of 5,512.39. Amid all the prevailing talks of an impending technical correction and anticipation that the shares may not remain so cheap to foreign buyers because of the surging price-earnings ratio, investors saw only a slight 290.5 point drop last Tuesday. Regarding the fall as a normal consolidation, the market dispelled the negative rumours and marched upward over the next few days, gaining more ground until breaking through the 11,000 level. Still, there are talks of the market meeting some resistance at the 11,000 level, with foreign buyers likely to increase profit-taking, finishing the frenetic rally of the whole year with a more reasonable touch. Brokers warn that the apparently lower trading volume last week could be a forerunner of higher volatility in the next few weeks. Apart from this cautious note, the market is still predominately bullish and brokers are speculating whether a new record will be reached before the market says goodbye to 1993. Some believe it is not unreasonable to expect 14,000 in a few months' time. The China factor and low interest rates in Hong Kong will continue to buoy the market and pull in investors' money. Brokers believe that although foreign institutional buyers are closing their books for the year, local investors are coming in to fill the gap. This explains the increasingly lower turnover in spite of the record-setting run. The December Hang Seng Index futures contract finished up 160 points, at 11,050, on Friday. Among the financial stocks, HSBC Holdings was still the one most-pursued. It rose $6 in the week to $106, and topped the turnover table on Friday. Utilities continue to lose favour among aggressive investors looking for high and quick returns, recording a 2.83 per cent increase. The high-flier of the week, with the biggest increase in share price, was surprisingly San Miguel Brewery. Jumping on the rumour that the company's operations might be moved from Sham Tseng in Hong Kong to China in order to cut costs, speculators pushed the stock price up $1.425 to a year-high of $5.80, on a volume of 2.12 million shares worth $11.14 million. The two stocks showing the largest fall in price were Golden Resources and Giordano Holdings.