THE stock market roared into uncharted territory yesterday with property shares ignoring negative political vibrations from China and leading the charge to a record one-day leap. Seven out of the 10 top performers were property counters - Henderson Land, Allied Properties (HK), Hong Kong Parkview, Cheung Kong, Tsim Sha Tsui Properties, Hang Lung Development and Sun Hung Kai Properties. The seven stocks alone accounted for a turnover of $1.22 billion - about 12.7 per cent of the day's total of $9.6 billion. The Hang Seng Index rocketed 530.38 points or 4.8 per cent to 11,570.22, after striking an all-time high of 11,689.94. The property sector's star performance was triggered by a land auction which saw a record price for a Kowloon site, news of building code changes that allow skyscrapers in Kowloon and spiralling prices of luxury residences. The market's lustrous performance came despite the Chinese Government's announcement that the Legislative Council and lower level municipal councils and district boards would be disbanded after June 30, 1997. ''The market's been ignoring political issues. Even if Li Peng made the same announcement again, it wouldn't make any difference,'' said GK Goh Securities' dealing manager, Bobby Ho. Seapower Securities' research director, Samuel Lau Kwok-leung, said investors showed no response to the decision as it had been expected. Yesterday's rise was the biggest in the history of the stock exchange. The next highest one-day gain was 394.4 points achieved on December 16. But the large size of the rise, on the heels of Friday's cracking of the 11,000 psychological barrier, astonished brokers and investors. The rally was powered by foreign funds - especially the Japanese - whose high liquidity overwhelmed the trading hall. Some brokers said the starry performance of regional bourses since Monday also helped maintain overseas investors' confidence in the local market. Brokers said many Hong Kong investors anticipated a traditional pre-Lunar New Year rally and bought now, hoping to make a profit after the holidays. Most local employees are given a bonus just before the Lunar New Year period, and some delve into the stock market. January usually sees the index rise more than other months. Overseas institutions have been active buyers of local stocks in the past three months. The index has jumped 54.88 per cent from three months ago, and 109.16 per cent from a year ago. Sentiment was very bullish, with even local investors, who used to be less active, taking part. The rise in the futures market also injected upward momentum into the spot market, brokers said. However, they suggested investors should exercise caution in the overheated market. ''I'm not very happy to see it keep going upward. It's a little bit overheated. It needs a correction,'' one said. ''Local investors shouldn't be too aggressive because it's risky,'' said Mr Ho. ''An adjustment of 500 to 1,000 points any time now would hardly be surprising.'' Standard Chartered's research director, Eugene Law, agreed: ''The temptation for people to take profit is getting greater and greater now.'' Still, some brokers expected the market to hit 12,000 within a week, and most tipped it to strike 14,000 to 15,000 in the first quarter of next year.