THE property sector led the market's bull run yesterday which saw the Hang Seng Index make a record one-day leap. It shot up 530.38 points or 4.8 per cent to close at 11,570.22. Investors, especially the Japanese, were snapping up blue chips to drive the index steeply higher. The property sector accounted for seven of the top 10 performers. It was the biggest gainer among all Hang Seng sub-indices, swelling 7.18 per cent or 1,547.75 points to 21,533.47. The sector's star performance was triggered by a land auction which saw a record price for a Kowloon site, news of building code changes in Kowloon, and spiralling prices of luxury residences. Finance scored second best, up 4.29 per cent or 425.48 points to 9,912.32. Commercial and industrial counters strengthened 3.82 per cent or 329.53 points to 8,623.24. Utilities added 2.12 per cent or 266.57 points to 12,544.27. Brokers said trading in January futures - which grabbed more attention than December with the month winding up - also generated a lot of activity in the spot market. ''January futures were trading at a premium, creating arbitrage opportunities where investors sell futures and buy in the spot market,'' said GK Goh Securities dealing manager Bobby Ho. US institutions were active buyers, especially in the futures market, brokers said. A short squeeze - where investors are forced to buy at high prices to fulfil short-selling commitments - was another reason for the rise in the spot market, according to Seapower Securities research director Samuel Lau Kwok-leung. Turnover was a buoyant $9.6 billion, although activity was concentrated on blue chips with trading in second-and third-liners relatively quiet. The index opened at around 11,065 points, moving quickly up to 11,255.3 within 15 minutes. After that, it relaxed its pace until 11.30 am when buying momentum picked up again to shoot the index to a lunch close of 11,453.97. In the afternoon, the market accelerated its gravity-defying ride, pushing the index to a record 11,689.94 - up 650 points from Friday's close. Profit-takers then trooped in to drag the market down to the day's close. January futures jumped 670 points to 11,780, as 13,379 contracts were traded. December futures rose 560 points to 11,610 with 8,294 lots changing hands. The March contract jumped 705 points to 11,765 on 188 lots traded. An estimated total of 21,861 contracts were traded in the futures market. Confirmed total futures market volume for Friday was 7,041 lots, with open interest confirmed at 32,470. Options trading volumes were low compared with futures. ''Investors bought the January 11,000 straddles in expectation of further uncertainty in market direction despite the high implied volatility of up to 40 points,'' said Virginia Mumford of Jardine Fleming. The 11,800, 12,000, 12,200 and 12,400 strikes will be introduced today for January, March and June. Although the close at premiums of both December and January futures might indicate continued buying momentum, brokers warned that investors needed to be cautious about a consolidation. HSBC was the day's busiest stock in cash terms, rising $6 to $112 as 5.54 million shares worth $613.62 million changed hands. It was also the biggest index mover, accounting for 86.28 points of the gain. Hongkong Telecom was second on the turnover list with shares worth $573.68 million dealt. The counter rose 20 cents to $16.20. Henderson Land was the best performer in percentage terms, putting on $7.50 or 17.04 per cent to $51.50 on a turnover of $127.85 million. Holian Investments was suspended at 11.10 am pending an announcement. The company last night said it had placed 80 million new shares at 57 cents each to a shareholder to raise $45.4 million.