THE bull run that stampeded through the Hong Kong stock market in 1993, bringing the Hang Seng index close to the 12,000-point mark, will continue into 1994, analysts have predicted. The market closed at a record 11,888.39 points on the last day of trading for 1993. Heavy trading on bank and property stocks dominated the market on Friday and ended with the property sub-index rising by 78.9 points. Pokfulam Development, Sino Land and Chevalier Development all figured in the property stocks while Liu Chong Hing and Wing Lung Bank featured in the banking stocks. On Thursday, the market consolidated with a modest fall in profit taking and the index dropped by 120.45 points. Turnover remained strong at $9.51 billion. Foreign liquidity continued to target Hong Kong stocks and this will continue in the new year with international fund managers saying the market is still trading below its value. In particular, Japanese investors remain bullish about Hong Kong's medium-term direction. The record-breaking climb in 1993 was propelled in part by a shift in investor perceptions. For the first time, the Hang Seng index defied the long-standing discount of share prices that mirrored uncertainty about Hong Kong's future. The combination of investor confidence and the flood of foreign money made the Hong Kong stock market the second best performer in Asia last year. Property counters are likely to continue to inject confidence into the market, with many still trading at large discounts to their net-asset value. News that attempts to slow down China's economic growth have been shelved has added to the rising sentiment in the Hong Kong market.