INVESTORS yesterday took advantage of the share market's strength to take profits into the weekend, discounting the Hang Seng Index 49.33 points to 7,397.91. The heavy selling was reflected by a turnover of $6.41 billion, the second highest of the week following the $6.86 billion on Thursday when the index hit a record high of 7,447.24. Brokers said the correction was much needed after the rallies this month when the index gained 227.95 points or 3.17 per cent in the past week and 567.48 points or 8.3 per cent for the month. ''Really, we've had an exceptional run,'' said Kleinwort Benson salesman Tony Edwards. ''However, over the past two weeks people started taking profits as stocks technically went through resistance points and the index as a whole started to look very top heavy.'' Nomura Research head of research Clive Weedon said that with the index topping 7,500 points for the first time, investors faced a golden opportunity to take profits and he figured the market might hit its peak in the near term. ''All the good news is now in the market and there's enormous potential for disappointment,'' he said. ''Obviously the market will go up again in the long term but it would not be such a bad thing if it takes a rest at this stage.'' There was still a lot of bullish sentiment left in the market, however, as the June index futures closed at a 52.05-point premium to the cash market. The optimism over Thursday's announcement that China and Britain would meet on June 4 to discuss Chek Lap Kok airport carried over in early morning trading, with the index jumping 81.44 points to an intra-day record of 7,528.68. However, brokers said there was heavy resistance at 7,500 and profit-taking saw the index quickly retreat to finish the morning session only 5.06 points ahead of Thursday's close. In the afternoon, further profit-taking took the index down to 7,391.22 before it closed slightly higher. The index's decline left only China Light and Power, Winsor, Hongkong Aircraft Engineering and Miramar unscathed. Brokers said China Light rose 75 cents to $39.75 after a local magazine quoted China's Minister of Power making positive comments about the company's future activities on the mainland. The biggest decline was posted by Jardine Matheson, which tumbled $2 after climbing $2.50 or 4.2 per cent in the week. The property sector was the hardest hit as the sub-index fell 161.15 points to 11,894.82 after strong gains in the previous two sessions. The only non-index stocks to rank among the 10 most-heavily traded were Paragon, which had a turnover of $146.03 million and jumped 16 cents or 32 per cent to 66 cents, and Asia Standard, which had a turnover of $167.06 million. Brokers said there was speculation China Petroleum would take a 10 per cent stake in Asia Standard and there could be placement later. Asia Standard gained 6.1 per cent or 12.5 cents to $2.15. The best-performing second-line stock was Far East Holdings, which climbed 18.6 per cent or 37 cents to $2.35. Hongkong Worsted Mill, which exports woollen and worsted products to the United States, picked up $1 or 16.1 per cent to close at a record high of $7.20. Golden Power International, which makes batteries and electronic parts, enjoyed a successful first day of trading by closing at $1.51. This was 38.5 per cent above its initial offer price of $1.09.