Nikkei snaps 5-day winning streak on falling U.S. shares
* Sentiment sour as weak yen trend pauses - fund manager * Sanix soars on strong mid-term business plan By Ayai Tomisawa TOKYO, May 29 (Reuters) - Japan's Nikkei share average snapped a five-day winning streak on Thursday morning as investors took profits on the recent gains after sentiment was soured by a pullback in U.S. shares. The Nikkei dropped 0.5 percent to 14,597.09 in mid-morning trade. The benchmark index had gained for five straight sessions as investors' appetite for equities has been buoyed by strong U.S. economic data and China figures. Analysts said that the Nikkei was likely to be contained in a narrow 14,300-14,750 range for the time being, noting that the market was waiting for overseas data such as U.S. job numbers in the coming week, and Prime Minister Shinzo Abe's reform plans in June. Abe is expected to flesh out the details of his growth strategy, the third arrow of "Abenomics" which is expected to include plans to cut corporate taxes. "Right now, the market is waiting for new cues. The weak yen trend has paused, so investors are taking a wait-and-see approach," said Naoki Fujiwara, a fund manager at Shinkin Asset Management. It last traded at 101.78 compared with a high of 102.15 set on Tuesday. Exporters were mixed, with Toyota Motor Corp rising 0.5 percent, Sony Corp falling 1.6 percent and Panasonic Corp dropping 0.7 percent. Index heavyweight stocks lost ground, with Fanuc Corp falling 1.9 percent and Fast Retailing Co dropping 1.0 percent. Bucking the weakness, solar power company Sanix Inc soared 17 percent and was the ninth most-traded stock by turnover after announcing a strong mid-term business plan through March 2017. The company aims to post an operating profit of 34 billion yen in the year ending March 2017, 7.5 times more than the company's operating profit for the year ended March 2014. The broader Topix dropped 0.3 percent to 1,194.69, while the new JPX-Nikkei Index 400 shed 0.3 percent to 10,893.20. (Editing by Eric Meijer)
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