Nikkei drops to 1-week low; real estate, brokers weak

  • Reuters
  • Stock Market News
Nikkei drops to 1-week low; real estate, brokers weak
Credit: © Reuters.

TOKYO, Nov 13 (Reuters) - Japan's Nikkei dropped to a one-week low on Monday morning as many sectors including real estate firms and brokers languished after a recent rally, offsetting gains in companies with strong results such as Nissin Foods.

The Nikkei .N225 declined 0.7 percent to 22,522.61 in midmorning trade after hitting as low as 22,474.16, the lowest since Nov. 6.

Big losers included real estate firms, brokerage firms and construction companies, with Mitsui Fudosan 8801.T shedding 3.0 percent, Mitsubishi Estate Co 8802.T falling 1.7 percent, Nomura Holdings 8604.T declining 2.3 percent and Taisei Corp 1801.T tumbling 1.6 percent.

Bucking the weakness, instant food maker Nissin Foods Holdings Co 2897.T rose 6.2 percent to a record high of 7,700 yen after its April-Sept net profit jumped 15.5 percent to 14.11 bln yen ($124.2 million). Mining and Smelting Co 5706.T jumped 10 percent to a 10-year high of 6,550 yen after it raised its net profit forecast to 24 billion yen ($211.1 million) for the fiscal year ending March 2018 from previously forecast 20 billion yen. shares also lost ground, with Tokyo Electron 8035.T and Advantest 6857.T both shedding 0.8 percent.

The broader Topix .TOPX dropped 0.5 percent to 1,791.67.

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