(Updates with analyst comments, notable share prices)
TOKYO (AFX) - Share prices closed narrowly mixed with with high oil prices and a reluctance to take fresh positions ahead of upcoming corporate earnings releases, weighing on the benchmark Nikkei 225 index, dealers said.
Costly crude however provided a boost to oil-related stocks, they said.
The Nikkei 225 Stock Average closed down 32.59 points or 0.2 pct at 17,317.53, off a low of 17,283.97.
The broader TOPIX index of all first-section issues edged up 0.54 points or 0.03 pct to 1,747.86, off a high of 1,755.07.
Decliners beat gainers 1,027 to 567, with 100 issues unchanged.
Volume fell slightly to 1.65 bln shares from 1.69 bln yesterday.
Oil prices remained above 72 usd a barrel in Asian trade, after touching a fresh record intraday high overnight of 72.40 usd, on fears of a possible military strike on Iran as well as concerns over tight US supplies, dealers said.
Hideyuki Suzuki, a strategist at SBI Securities believes the broad market trend remains upward, given optimism over the recovering economy, but short term alarm over the continued spike in crude prices and a desire to wiat for the outcome of earnings results weighed on the market today.
Year to March earnings results are set for release from next week.
While record high crude prices were a negative for the broad market, oil refiners and distributors benefited with Showa Shell Sekiyu KK up 40 yen or 2.9 pct at 1,425, Cosmo Oil up 16 yen or 2.4 pct at 679 and Nippon Oil up 14 yen or 1.5 pct at 961.
By contrast, high-tech and chip-related shares slipped back after Intel Corp of the US reported yesterday weak quarterly results.
Advantest, the world's largest maker of chip-testing equipment, plunged 510 yen or 3.6 pct to 13,820, Tokyo Seimitsu, a maker of semiconductor manufacturing systems, shed 130 yen or 1.8 pct to 6,970, NEC Electronics fell 110 yen or 2.35 pct to 4,580 and Fujitsu closed down 16 yen or 1.65 pct at 951.
Automakers advanced with Toyota up 70 yen or 1.05 pct to 6,720, Honda jumping 160 yen or 2.1 pct to 7,760 and Suzuki gaining 50 yen or 1.75 pct to 2,905.
Toyota Motor Corp said it plans capital investment of around 1.4 trln yen for the year to March 2007, confirming an earlier newspaper report.
Sony rose 150 yen or 2.6 pct to 5,940 after a newspaper report that it plans to double its shipments of liquid crystal display televisions in the current fiscal year to around 6 mln sets.
Fuji Electric Holdings rose 17 yen or 2.6 pct to 663 following a news report that the firm is expected to announce operating profit for the past year to March of about 40 bln yen, up 49 pct year-on-year.
Hoya fell 30 yen or 0.6 pct to 4,920. Before the closing bell, the company said its net profit for the year to March rose to 75.6 bln yen from 64.1 bln the year earlier.
Kiyori.Ueno@xfn.com
ku/mb
© 2006 AFX News
