THE market consolidated yesterday with a modest fall on profit-taking after a roller coaster ride. The Hang Seng Index dipped 120.45 points or 1.04 per cent to 11,449.77. Turnover was a buoyant $9.51 billion. ''It was mostly profit taking. After the bull run in the past week [which added more than 1,000 points to the index], a consolidation of just 100-odd points was not really anything,'' said Schroder Securities assistant director Peter So. ''Some stocks performed pretty well. Selling pressure was not strong,'' he added. Brokers said the futures trading at a premium indicated upward momentum for the market today. ''The market is still bullish. It takes a small consolidation after a big jump. It may test 12,000 in the short term - at the beginning of next year,'' said Crosby Securities dealing director Willie Chau Wing-hung. The utilities sector bucked the downtrend, with the Hang Seng utilities sub-index clawing up 112.51 points to 12,656.78. Finance came down 54.85 points to 9,857.47. Property shed 502.17 points to 21,031.3. The commercial and industrial sector was down 118.65 points to 8,504.59. The index opened at about 11,586, slightly up from Tuesday's close of 11,570.22. Within the next 10 minutes, it powered up to the day's high of 11,641.81, only to swiftly slip back to 11,469.21 at 10.45 am. But at that point buying momentum picked up again to push the index back up to 11,619.64 at 11.30 am. Buying interest had shot the index to 11,500.17 by 2.45 pm, before profit takers pushed it down to the day's low of 11,415.94 shortly after 3.15 pm. Rekindled buying activity towards the day's close slightly lifted the index to its finish. Some brokers said investors were starting to look at second-and third-liners, with the All Ordinaries Index losing only 0.6 per cent or 35.69 points to 5,883.85. That reduction was smaller than the Hang Seng Index loss of 1.04 per cent. January futures went down 90 points to finish at 11,690 - still a 240-point premium to the spot market - on the back of arbitrage selling and profit-taking. ''The market looked increasingly nervous,'' said Jardine Fleming Futures head of derivatives research Virginia Mumford. That was despite some periods of overseas buying, especially from the Japanese. December futures weakened 45 points to close at 11,565 - a premium of 115 points. Estimated volume was 14,418 lots for January futures, and 6,085 lots for December futures. Those compared with total market activity of 20,511 contracts. In options, Ms Mumford said: ''Institutional investors were away from the market and retail investors were uncertain of future direction. Calls and puts traded in similar sizes, indicating the conflicting views.'' Among individual counters, San Miguel Brewery gained 75 cents or 12.6 per cent to $6.70 as the day's second-best performer, amid speculation that the company would move its brewery to China and redevelop the site of its existing plant in Sham Tseng. It posted a volume of 3.33 million shares - the fourth consecutive day since last June that the counter recorded a volume of more than two million shares. Cathay Pacific was the best performing index constituent stock, going up 90 cents to $14.10, with shares worth $120.68 million changing hands. Hongkong Telecom also gained ground, strengthening 10 cents or 0.61 per cent to $16.30 on the day's third-highest turnover of $365.72. Teletech International resumed yesterday after a year-long suspension, only to become the day's biggest loser. It sank 2.8 cents or 15.13 per cent to 15.7 cents on a turnover of $9.68 million. Trading in Emperor International, Emperor (China Concept) Investments, and China Aerospace was suspended pending company announcements.