Nikkei falls as oil stocks tumble; revised growth data fails to support

lunes 7 de diciembre de 2015 22:31 GYT

* Oil stocks, trading houses underperform on weak commodity prices

* Airlines outperform on hopes for cheaper fuel prices

By Ayai Tomisawa

TOKYO, Dec 8 (Reuters) - Japan's Nikkei share average fell on Tuesday, with sharp declines in oil and commodity shares offsetting news that the economy had dodged a recession in the third quarter.

The Nikkei was down 1.0 percent at 19,494.24 points by midmorning, erasing early gains.

Oil stocks were battered after crude prices remained near 7-year lows in early Asian trading on Tuesday as OPEC continues to pump near record oil to defend market share.

Inpex Corp tumbled 5.4 percent and Japan Petroleum Exploration shed 3.5 percent.

Other commodity stocks such as trading houses fell on weakness in oil, iron ore and metal prices. Mitsubishi Corp dropped 2.3 percent, Sumitomo Corp shed 2.4 percent and Mitsui & Co declined 2.5 percent.

"Global cyclical shares which had risen lately are being unloaded because investors grew concerned," said Yoshihiro Okumura, general manager at Chibagin Asset Management.   Continuación...