A BUYING splurge strengthened by the news that the yuan rates were to be unified powered the market to a record close just 123 points short of the 12,000 psychological barrier.
The Hang Seng Index rose 427.70 points - the stock exchange's second largest one-day gain - or 3.74 per cent to close at 11,877.47.
The market also renewed the intra-day high to 11,959.06, a mere 40.94 points from 12,000.
A stampede of overseas institutions, and of local investors who could not help jumping on the bandwagon in the euphoric atmosphere, churned out a turnover of $10.86 billion.
Brokers said new funds - especially those from Japan - which were hunting for laggards constituted a significant buying force.
''The market was a bit out of [touch with] reality . . . It is obviously over-bought,'' said Peregrine sales director Chris Malpass.