Nikkei drops on Iraq anxiety; chip-related shares rise on Intel
TOKYO, June 16 (Reuters) - Japanese stocks dropped to a two-week low on Monday as oil prices extended gains as the insurgency in Iraq raised concerns about potential disruption to oil exports, but chip-related firms outperformed on Intel Corp's rosy outlook. The Nikkei fell 1.1 percent to 14,933.29, the lowest closing price since May 30. The broader Topix dropped 0.8 percent to 1,234.68, while the JPX-Nikkei Index 400 declined 0.8 percent to 11,238.01. Brent crude rose above $113 per barrel to near a nine-month high on Monday as Sunni insurgents advanced in Iraq, intensifying concerns over a potential disruption to oil exports from the second-largest OPEC producer. (Reporting by Ayai Tomisawa; Editing by Shri Navaratnam)
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