HONG KONG (AP) -- Most Asian markets advanced Tuesday as shares in Hong Kong gained and Taiwan stocks hit a new 7-year high. Japanese shares, meanwhile, slipped on concerns about the previous day's earthquake.

Tokyo's Nikkei 225 index slipped 21.68 points, or 0.12 percent from Friday's close on the Tokyo Stock Exchange, to 18,217.27. Japan's financial markets were closed Monday for a national holiday.

Insurance stocks were among the biggest decliners in the wake of Monday's 6.8-magnitude earthquake that hit the Niigata area in north-central Japan. At least nine people were killed and hundreds of homes were destroyed.

Sompo Japan Insurance Inc. fell 2.26 percent to 1,470 yen (US$12.08), and Fuji Fire & Marine Insurance Co. dropped 1.20 percent to 494 yen (US$4.05).

Utility stocks also fell. Tokyo Electric Power Co., known as TEPCO, fell 1.05 percent to 3,750 yen (US$30.74) after it said the quake started a small fire at one of its nuclear power plants and caused the leakage of 1,200 liters of radioactive water into the sea.

TEPCO officials said there was no "significant change" in the sea water near the plant.

In Hong Kong, the blue chip Hang Seng Index rose 103 points, or 0.45 percent, to 23,057.30.

The advance was mainly driven by the ample liquidity in the market, with "investors now buying major blue chips on hopes of further gains," said Francis Lun, Fulbright Securities' general manager.

But traders said the short-term corrections of the past few sessions will probably recur.

"I think for a healthy consolidation, the index may need to test the 20-day moving average toward the end of the month," said Celestial Securities' Research Director, Eugene Law. The 20-day moving average was 22,282 points.

CNOOC, China's largest offshore oil and gas producer, rose nearly 3 percent to HK$9.67 on high oil prices, which rose above US$74 a barrel late Monday.

Heavyweight HSBC, the index's second-largest component by market capitalization, rose 0.5 percent to HK$145.60 on a Daily Telegraph report that the lender is interested in taking over Korean Exchange Bank.

Another index heavyweight, China Mobile (Hong Kong) Ltd., gained 0.2 percent to HK$91.4, after Daiwa Securities raised its target price to HK$106 from HK$91.

In currencies, the U.S. dollar was trading at 121.82 yen late Tuesday, unchanged from late Monday in New York. The euro rose to US$1.3793 from US$1.3784 in early trading European trading.

Elsewhere:

JAKARTA: Indonesia shares rose, led by gains in bank blue chips ahead of expected strong earnings in the first quarter. The Jakarta Stock Exchange Composite Index rose 15.12 points, or 0.66 percent, to 2,301.34.

KUALA LUMPUR: Malaysian shares were lower with the Kuala Lumpur Composite Index of 100 blue chips dropping 4.03 points, or 0.29 percent, to 1,377.48.

MANILA: Philippine shares fell a second session, led by profit-taking in blue chips, as investors raised funds for several initial public offerings. The benchmark 30-company Philippine Stock Exchange Index slid 23.58 points, or 0.6 percent, to 3,729.68.

SEOUL: Financial markets in South Korea are closed for a public holiday. They will reopen Wednesday.

SHANGHAI: Chinese stocks rose as property firms were boosted by the stronger Chinese yuan and banks rose on a stable earnings outlook for the sector. The benchmark Shanghai Composite Index gained 74.27 points, or 1.9 percent, to 3,896.19. The Shenzhen Composite Index of China's second, smaller bourse advanced 23.24 points, or 2.2 percent, to 1,080.31.

SINGAPORE: Singapore's benchmark Straits Times Index closed at 3651.05, down by 2.18 points.

SYDNEY: The Australian share market edged slightly higher with gains in Rio Tinto and the banking sector helping to offset weakness in selected stocks, such as agribusiness group Futuris Corp. and uranium miner ERA. The benchmark S&P/ASX 200 index closed up 0.8 point, 0.01 percent, at 6,381.6.

TAIPEI: Taiwan shares rose to the their highest level in seven years as traditional industry stocks showed strength. The Weighted Price Index of the Taiwan Stock Exchange rose 92.41 points, or 1 percent, to close at 9,509.73.

WELLINGTON: New Zealand shares ended higher as blue chip stocks helped the market hold on to gains against downward pressure from a stronger New Zealand dollar and the prospect of higher interest rates. The benchmark NZX-50 closed up 0.4%, or 18.5 points, at 4258.84.