By GARETH HEWETT MODEST profit-taking sent the Hang Seng Index on a 61.23-point fall to 8,005.56 yesterday, snapping a string of five consecutive record-breaking days. The index has gained 11.15 per cent in the past nine trading days and 46.3 per cent on the year. Brokers said the fall was expected after the strong gains made on the back of Morgan Stanley's increase in recommended local weighting from 0.2 per cent to three per cent of international fund portfolios. Of the Hang Seng sub-indices, only commerce and industry rose, ending the day at 6,067.72, up 0.67 per cent. Finance fell 0.65 per cent to 7,345.51, property developers dipped 0.85 per cent to 12,510.25, and heavy selling in Hongkong Telecom for the second day took 0.91 per cent off the utilities index to 9,836.74. Telecom lost 20 cents to $13.70 on $106.33 million of turnover, taking 12.78 points off the index. The market opened to weak sentiment, plunging 90 points in the first 15 minutes to 7,976.96. Futures were already at the 7,990 level from heavy selling in post-cash market trading, when apparently Morgan Stanley dumped a large quantity of contracts on the market in the last 15 minutes of trading on Thursday. While the cash index wallowed around the 8,000 level for 45 minutes, major buying from Jardine Fleming, Wardley and Baring chased October futures up to the 8,040 level. The cash index rose to a high of 8,010 by 11.30 am before settling back to 7,984.31, down 82.48 points, at the lunchtime close. Weak sentiment also greeted the afternoon trading bell as the cash index slid to the day's low of 7,961.76. October futures were lacklustre until major buying from Baring and Sun Hung Kai took it to the 8,040 level, dragging the index to its 8,005.56 close. Wardley whacked October futures into negative territory again, taking it to a close of 7,995, unchanged on the day. Turnover was 8,114 as the open interest stood at 21,701. James Vinall at SBC Derivatives said: ''It was a case of profit-taking and money flows. There was little news actually affecting these movements.'' HSBC fell 50 cents to $84 on a turnover of $207.66 million, the heaviest of the day. Sun Hung Kai Properties fell 50 cents, ahead of its results, to $42.50 on a turnover of $133.58 million, the second-heaviest of the day. Hopewell Holdings continued to be very active after indicating a satisfactory net profit increase earlier in the week, despite low-quality earnings from investment property disposals. The stock was unchanged at $6.50 on a turnover of $128 million, the third-highest of the day. Guoco Group was experiencing its helium balloon trick again, as it rose strongly against the background of a plunging market. The banking group, which is due to announce results and the completion of its takeover of Government-owned Overseas Trust Bank, saw its share lift by two per cent or 60 cents to $29.70. Its 1994 warrant rocketed seven per cent to $13. On its first day of trading Kingboard Chemical Holdings rose 64 per cent on turnover of $106 million, the eighth-heaviest. The share closed at $1.79, from the $1.09 offer price, as 67.44 million shares changed hands. Chairman Paul Cheung Kwok-wing said the rise was a reflection of investor confidence in the group, which is a maker and distributor of laminates in electrical and electronic products. Shanghai Petrochemical remained active, falling five cents to $2 on a turnover of $88.3 million. National Mutual Asia was up strongly, gaining 72.5 cents or 14.87 per cent, the second-strongest of the day, on a turnover of $16.7 million. The insurance company is a preferred stock among many major institutional investors. TVB fell $1.40 to $27 on turnover of $6.9 million.