Nikkei flat as real estate, construction stocks weigh

  • Reuters
  • Stock Market News
Nikkei flat as real estate, construction stocks weigh

TOKYO, Dec 11 (Reuters) - Japanese stocks struggled for traction on Monday as gains in financial shares were offset by drops in real estate and construction companies, with Obayashi Corp 1802.T diving more than 8 percent.

Obayashi tumbled on reports that it is under investigation on suspicion of rigging contracts for Japan's magnetic levitation train line. Nikkei share average .N225 was little changed at 22,815.28 by midmorning trade after opening up 0.4 percent.

Financials gained ground, with Mitsubishi UFJ Financial Group 8306.T rising 1.0 percent, Sumitomo Mitsui Financial Group 8316.T up 2.0 percent and insurer T&D Holdings 8795.T adding 1.3 percent.

The construction sector .ICNST.T plunged 1.9 percent and was the worst performer.

Real estate firms also languished, with Mitsui Fudosan 8801.T and Mitsubishi Estate 8802.T both falling 1.2 percent.

Chip equipment makers also lost ground. Tokyo Electron Ltd 8035.T dropped 1.5 percent and Advantest Corp 6857.T shed 0.5 percent

The broader Topix .TOPX shed 0.1 percent to 1,801.54.

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