HONG KONG. Nov 10: Most Asian stock markets slumped Tuesday, with the key index in Bangkok tumbling more than 7 per cent on profit-taking, reports AP.

Dealers said the Thai market is undergoing consolidation after the index soared 14 per cent last week. The Stock Exchange of Thailand index fell 27.23 points, or 7.5 per cent, closing at 336.62.

In Seoul, the main index tumbled 5 per cent after the US dollar rose to its highest level against the Japanese currency in a month.

A weaker yen causes South Korean manufacturers to lose their price competitiveness against their Japanese rivals because they vie directly in such key industries as automobiles and semiconductors.

The Korea Composite Stock Price Index fell 21.21 points to 403.24.

The dollar was quoted at 122.32 yen in late afternoon, up 2.96 yen from late Monday in Tokyo and also above its late New York level of 121.57 yen overnight. The dollar ranged between 121.42 yen and 122.70 yen. its highest level since October 8.

The dollar rose on buying by Japanese trust banks and institutional investors as fears of US financial instability receded. traders said.

Philippine shares also closed sharply lower as investors continued to take profits on the back of a weak peso and Wall Street s overnight fall.

The 30-share Philippine Stock Exchange Index fell 75.41 points, or 4.4 per cent, to 1.637.10 after Monday's 84.86-point fall.

In currency trading, the dollar averaged 40.492 pesos on the Philippine Dealing System, up 64.7 centavos or 1.6 per cent, from Monday's close.

Tokyo's benchmark 225-is-sue Nikkei Stock Average fell 86.45 points, or 0.61 per cent, closing at 14,108.09. On Monday. the index had gained 72.57 points, or 0.51 per cent.

Share prices rose in the morning on buying of export-orieritea issues, encouraged by the yen's weakening trend against the dollar.

But the market fell in the afternoon in thin trading, with many players holding back before the government draws up economic stimulus measures on Nov 16.

Elsewhere:

SINGAPORE: Shares closed sharply lower as profit-taking eroded the main index's heavy gains of the past month. The Straits Times Index fell 47.22 points, or 3.9 per cent, to 1.219.28.

TAIPEI: Share prices slumped after the chairman of

the Henyang Group. Ho Hsi-fong. admitted that he bounced checks, although he said the financial difficulties were his personal problems and that al) units of the group are operating normally. The Key Weighted Stock Price Index fell 145.10 points, or 2.1 per cent, to 6.812.30.

HONG KONG: Share prices closed lower on continued profit-taking. The blue-chip Hang Seng Index fell 130.60 points, or 1.3 per cent, closing at WELUNGTON: New Zealand share prices closed lower, dragged down by overnight falls on Wall Street. The benchmark NZSE-40 Capital Index fell 21.32 points, or 1.1 per cent, to 2.007.41.

SYDNEY: Australian share prices closed lower after resource-related stocks took a tumble in response to lower base metals prices on the London Metal Exchange Monday. The All Ordinaries Index fell 6.7 points, or 0.2 per cent, to 2.682.4.

KUALA LUMPUR: Malay sian share prices closed mixed. The benchmark Kuala Lumpur Stock Exchange Composite Index rose 1.85 points to 467.54.

JAKARTA: Indonesian share prices closed sharply lower on escalating domestic political tension coupled with profittaking.