CORRECTED-Nikkei falls on profit-taking, but Topix gains

viernes 13 de febrero de 2015 00:42 GYT

(Correct to cyclical stocks in first paragaph instead of
defensive stocks, and add individual stocks in 6th paragraph)
    * For the week, Nikkei is up 1.5 pct
    * Topix outperforms Nikkei as cyclical consumer shares
    * Japan Display soars on strong profit

    By Ayai Tomisawa
    TOKYO, Feb 13 (Reuters) - Japan's Nikkei share average fell
on Friday, retreating from a 7-1/2 year closing high as
investors took profits from the previous day's gainers such as
Fanuc Corp, but buying in cyclical stocks exposed to
consumer demand limited the losses.
    Fanuc, which rose 6.2 percent on Thursday on media reports
saying that Third Point bought a stake in the company, fell 1.3
percent on profit-taking and lopped a hefty 11 points off the
    By late morning, the Nikkei was down 0.2 percent at
17,952.72, after the benchmark closed at 17,979.72 on Thursday,
the highest closing level since July 2007. For the week, the
Nikkei has gained 1.5 percent.
    However, the broader Topix outperformed, rising 0.2
percent to 1,451.82, with 19 of its 33 subsectors in positive
    Financial stocks and real estate stocks led the gains on the
Topix, with the securities sector rising 1.1 percent,
the other financial sector gaining 2.3 percent and
the real estate sector adding 1.8 percent.
    Nomura Holdings rose 1.1 percent, Mitsui Fudosan
 gained 1.9 percent and Aiful Corp added 5.2
    The securities sector has dropped 3.6 percent since the
beginning of the year, while the other financial sector is up
1.8 percent and the real estate sector has added 0.5 percent.
The Nikkei is up 2.7 percent during the same period.
    "Shares that have underperformed the overall market are
being bought, especially domestic-demand sensitive shares," said
Kyoya Okazawa, head of global equities & commodity derivatives
at BNP Paribas.
    Okazawa, who recently visited foreign investors, said that
global macro funds had reduced risky assets including Japanese
stocks after the Swiss National Bank surprised the market by
deciding to end the cap on the franc in January.
    But he said that global macro funds are expected to start
revisiting Japanese shares as they started focusing on how weak
oil prices will benefit the Japanese economy and related sectors
such as retail.
    "Stronger consumption in the domestic market will be a key."
    Meanwhile, a ceasefire agreement between Russia and Ukraine
eased tensions in the market. 
    Exporters were mixed after the dollar traded at 119.04 yen
, knocked down from a five-week high of 120.48 touched on
    Toyota Motor Corp dropped 0.5 percent, while Honda
Motor Co gained 0.2 percent.
    Bucking the weakness, Japan Display soared as much
as 7.7 percent to a four-month high on strong profits.
    The JPX-Nikkei Index 400 rose 0.1 percent to

 (Editing by Kim Coghill)