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TIME TO OFFER NIGHTLY ON-LINE SERVICE

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Time magazine will enter daily journalism for the first time with a nightly news summary available by computer.

The magazine said Monday it will provide 8 to 12 breaking stories, including a stock summary, every day at 7:30 p.m. on its computer on-line service Time Online. The product is accessible to personal computer owners through America Online, the nation's third-largest computer on-line service.Each day's summary will be stored for later use by subscribers to Time Online, the magazine said. Time may eventually update the summary twice a day.

The 71-year-old weekly magazine, based in New York, has a circulation of 4.2 million. About 60,000 to 70,000 people access its contents every week on America Online.