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November 8, 2000 

HONG KONG (UNB/AP) - Most Asian stock markets closed higher Tuesday, but the key index slipped in Tokyo on profit-taking.

The Japanese benchmark 225-issue Nikkei Stock Average finished down 31.11 points, or 0.20 percent, to 15,340.33 points. On Monday, the average closed up 533.66 points, or 3.60 percent.

The Nikkei index fell when investors cashed in on big gains by blue-chips on Monday.

In New York, the tech-heavy Nasdaq composite declined 35.34 points to 3,416.24, while the Dow Jones industrial average rose 159.26 to 10,977.21.

The U.S. dollar was quoted at 107.30 yen, up 0.04 yen from its level of 107.26 late Monday in Tokyo but below its level of 107.38 yen overnight in New York.

Taiwan shares surged after Morgan Stanley International Capital confirmed that the island's weighting on its widely tracked indices will rise to 80 percent from 65 percent by the end of the month, dealers said.

The Weighted Price Index of the Taiwan Stock Exchange rose 220.29 points, or 3.9 percent, to 5,877.77.

In Hong Kong, the blue-chip Hang Seng Index rose 149.64 points, or 0.95 percent, closing at 15,820.79. On Monday, the index had gained 77.03 points, or 0.5 percent.

The Hong Kong market was hit by profit-taking before a late recovery in some blue chips pushed the index into postive territory, brokers said.

Philippine stocks rose in anticipation of a peaceful and swift resolution of the political crisis over corruption allegations against President Joseph Estrada.

The 30-company Philippine Stock Exchange Index rose 12.48 points, or 0.8 percent, to 1,512.58, adding to its 212.25-point, or 16 percent, rise Monday, its biggest single-session point gain in 13 years.

Elsewhere:

SINGAPORE: Shares closed higher on bargain hunting. The Strait Times Index rose 14.46 points, or 0.72 percent, to 2,021.30.

WELLINGTON: New Zealand shares closed higher after buying by Australian and Asian investors in afternoon trading propelled market leader Telecom Corp. into positive territory. The NZSE-40 Capital Index rose 14.06 points, or 0.7 percent, to 1,978.97.

SYDNEY: Australian shares prices closed higher, boosted by gains in Rupert Murdoch's News Corp. and the heavily weighted banking and telecommunications sectors. The All Ordinaries Index rose 35.3 points, or 1.1 percent, to 3,314.3.

SEOUL: Share prices closed lower on futures-related selling by local institutions. The Korea Composite Stock Price Index slipped 3.31 points, or 0.6 percent, to 553.35.

KUALA LUMPUR: Malaysian share pricesc losed mixed in the absence of fresh leads. The Composite Index, which tracks 100 key stocks, finished at 763.84, up 0.15 point.

JAKARTA: The key index ended higher following a technical rebound in telecom stocks. The Composite Index rose 1.4 percent, or 5.766 points to 421.033.

BANGKOK: Thai share prices closed higher for a sixth straight session. The Composite Index ended up 0.43 point at 292.36.