PROFIT-TAKERS trampled down the market yesterday for the first time since last Wednesday. The Hang Seng Index slumped 290.5 points or 2.69 per cent to 10,524.28 on buoyant turnover of $8.43 billion. Brokers said the fall was a normal technical adjustment, especially as some fund managers had hastened to take profits by the year end. ''It was a reasonable consolidation. Investors took profits ahead of the holidays,'' said PBI Securities sales director Ivan Leung. Some investors who had been active buyers had also closed their books for Christmas, he said. ''Local investors were also on the selling side. It was just technical selling [to take profits],'' he said. Japanese institutions, which had propped up the market in recent sessions, were among the major profit-takers, sources said. The off-loading of futures by overseas institutions such as Barings also exerted downward pressure on the spot market, sources said. December futures fell 355 points to 10,510, ending at a 14.27-point discount to the spot index. ''There was some adjustment but that didn't affect the overall market sentiment,'' said OCBC senior manager Philip Leung, adding that investors were still bullish on the longer term. The index opened at around 10,802, slightly down from Monday's close of 10,814.78, only to slip straight to 10,727.07 in the first half-hour. A subsequent flurry of bargain-hunting arrested the slide to raise the index to the day's peak of 10,856.87, a level it failed to hold. Selling was the dominant theme for the rest of the day, taking the index to the day's low of 10,516.72 just before the close. Brokers expected the market to swing between 10,000 and 11,000 this week.