Nikkei tumbles 2.7 pct, gives up previous day's gains on oil, growth worries
By Joshua Hunt
TOKYO Jan 14 (Reuters) - Japanese stocks fell on Thursday, giving up most of the previous day's gains as weak oil prices fanned fears about a slowdown in the global economy.
The Nikkei share average slid 2.7 percent to 17,240.95 for its lowest closing in 3-1/2 months. The benchmark index recovered slightly after a midday foray below 17,000 points, but still gave up most of Wednesday's 2.9 percent gain.
Shares of Apple supplier Alps Electric Co Ltd tumbled 5.1 percent after Barclays cut its target price to 3,600 yen per share from 4,600 yen per share, citing projections for sluggish iPhone demand.
Sharp Corp fell 4.4 percent after Barclays cut its target price to 70 yen per share from a previous target of 80 yen per share. Market participants said investors had continued to short the stock as the company struggles with restructuring and governance issues.
The broader Topix shed 2.5 percent to end the day at 1,406.55 with all of its 33 subindexes in negative territory.
The JPX-Nikkei Index 400 fell 2.5 percent to 12,662.84. (Reporting by Joshua Hunt; Editing by Shri Navaratnam)
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