THE market again scored a record close but was off the day's high as profit-takers moved in. Prices surged after Philippine Long Distance Telephone (PLDT) jumped on Wall Street. The Manila index zoomed to an intra-day high of 2,927.98 from its Monday close of 2,808.8 before falling. Patrick Garcia of L.M. Garcia and Associates put it down to ''plain profit-taking. Investors decided to cash in at this point''. Brokers said the correction should continue today because of the belief that PLDT will undergo a period of consolidation on Wall Street. The Manila composite index climbed to 2,836.28 from 2,808.8 while Makati rose to 2,918.7 against the previous 2,898.15. The market has shot up by nearly 6.5 per cent in the past two days of trading. ''We are seeing the first-quarter bull run happening right now,'' said Mike Jacob, an analyst with Sun Hung Kai Securities. Losers outnumbered gainers by 36 to 32 with a total of 105 issues traded. Combined turnover was heavy, with volume at 10.61 billion shares worth 2.44 billion pesos against 4.64 billion shares worth 1.81 billion pesos. TAIPEI PRICES closed higher on late foreign buying of industrial blue chips with low price-earnings ratios. The index ended 41.85 points up at 5,245.87. Turnover of NT$55.24 billion was active but below Monday's $67.16 billion. Brokers said most of the day's trading was mixed as players were made cautious by more media reports suggesting the central bank was delaying plans to ease curbs on foreign investment in the market. ''But in late trade, foreign investors began to buy low price-earnings ratio shares, boosting buying momentum in the whole market,'' said Kuo Shou-min at National Investment Trust. Major targets of the buying were electronics and appliance makers Tatung and Sampo, which went limit up. SYDNEY A FALL in media giant News Corp's share price dragged the key indicator to a lower close. The All Ordinaries Index finished at 2,067 points, down nine from Monday. Turnover was 288.7 million shares worth A$598.9 million. Investors fled News Corp due to concerns that US subsidiary Fox Broadcasting had paid US$1.1 billion for broadcasting rights to four seasons of National Conference Football games. News Corp shares fell 33 cents to $9.67. ''It was a disappointing showing,'' said one broker. ''But the market was really concerned about News Corp.'' Among other blue chips, market leader BHP shed eight cents to $16.54, industrial giant BTR Nylex eased two cents to $2.97 and building materials producer Boral was steady at $4. Investors took their profits in mining stocks following strong gains in recent weeks, brokers said. SEOUL ACTIVE buying of primary blue chips prodded the market and the index climbed to close 17.16 points higher at 865.79 with 38.14 million shares changing hands. ''The rally was spurred by news that the market stabilisation fund would delay its liquidation,'' said an analyst at Shinhan Securities. The Korea Securities Market Stabilisation Fund, established to bail out the sagging market in 1990, said it would delay the liquidation of its stock portfolio. ''The market is being supported by institutional investors who are supporting blue chips,'' said a broker at Hyundai Securities. Analysts said blue chips would consolidate before long. Among blue chips Goldstar went limit-up, gaining 1,000 won to 21,000 won, with some 822,000 shares changing hands. Gainers outpaced losers by three to one. Turnover amounted to 848.65 billion won. WELLINGTON SHARES ended sharply down as buyers deserted before the Christmas holidays while the market continues to feel the weight of recent new issues and placements. The 1.27 per cent fall was led mostly by Fletcher Challenge and Telecom, which lost 11 cents to NZ$3.17 and nine cents to $3.84, respectively. Carter Holt Harvey was also soft, ending down four at $3.42 but off its low for the day of $3.38. Peter Halligan at Buttle Wilson said the consensus appeared to be that investors had spent their money on other things and there was not a lot left to soak up the market. Recent new issues and placements, which culminated in a $418 million placement of Fletcher shares last week, have acted as a big drain on investors' funds. ''The market is probably getting sold to cover some of those other issues,'' Mr Halligan said. ''We are probably seeing the market undergoing a kind of consolidation,'' he said. BANGKOK SHARES rebounded to close at 1,507.23 points up 10.52 or 0.7 per cent from the previous close. Trading was moderate with 157.1 million shares worth 14.7 billion baht changing hands. Despite the increase, losers outnumbered gainers by 140 to 136, with 74 issues remaining unchanged. Finance remained the market leader, according to one broker, as it has during the bull run for several weeks. The communications sector was unusually active, anticipating today's arrival of TelecomAsia to the exchange, he said. KUALA LUMPUR PRICES rebounded in the afternoon on bargain-hunting and renewed speculative buying with gains led by tin and plantation stocks. But falls in some index-linked stocks including giant Telekom Malaysia, dragged the key Kuala Lumpur Stock Exchange composite index down 1.47 points to close at 1,096.61. Telekom fell 30 cents to M$19.40. ''There's still ample liquidity to drive up the market further,'' one dealer said. ''Profit-taking activity was well absorbed.'' Brokers said although prospects were still bullish, the market might need to take a breather after the recent feverish conditions. The also expected buying to slow down ahead of the Christmas and New Year holidays. Turnover was 497.8 million shares against 795.8 million on Monday. Gainers led losers by 232 to 157. SINGAPORE PRICES closed marginally lower as retail investors continued to stay sidelined following tighter trading conditions imposed by several broking houses. ''The market should stay around current levels and pick up towards year-end,'' a local broking firm's director said. He said his firm would curb contra trading for at least a week to cool down speculative trading. The 30-share Straits Times Industrials index eased 0.59 points to 2,276.89 after trading to an intra-day high of 2,290.83. Gainers included Bukit Sembawang, Singapore Press foreign and Centrepoint Properties. Brokers said trading volume has been subdued compared with last week. ''Most of my clients have closed their books,'' a foreign firm's broker said. Institutions which were still maintaining open positions had not been aggressive, the broker said. Volume was 362.96 million shares. Gainers led falls by 200 to 116. JAKARTA PRICES closed mixed in quiet trading as local investors took profits with the holiday season approaching. ''The market is very boring today with only some local investors taking profits,'' one dealer said. Barito Pacific Timber ended down 100 rupiah at 11,400. Astra International closed up 500 rupiah at 16,500 on small volume. Agencies The Chinese share prices are provided by Telerate. All other prices are provided by Reuter.