TOKYO, Sept 2 (Reuters) - The benchmark Nikkei average fell 2.7 percent and the broader Topix was 2.3 percent lower on Wednesday.
The following stocks were on the move:
**SEKISUI HOUSE DROPS AFTER CUTTING PROFIT FORECAST**
Sekisui House Ltd fell 4.9 percent to 848 yen after the home builder cut its annual profit forecast by 68 percent due to weaker-than-expected sales caused by the economic downturn and a delay in implementing some of the government's economy-boosting measures such as tax breaks.
The company now expects a group net profit of 6 billion yen in the year to Jan. 31 instead of a previously projected 19 billion yen. It posted a profit of 11.5 billion yen last year.
0142 GMT
**MITSUI ENGINEERING & SHIPBUILDING UP ON WAVE POWER REPORT**
Mitsui Engineering & Shipbuilding Co Ltd rose 1.2 percent to 255 yen after the Nikkei business daily reported that it, oil distributor Idemitsu Kosan and Japan Wind Development Co will team up to build Japan's first plant to generate power from waves.
The group aims for test runs to start in 2011.
Japan Wind Development, a wind power company, edged up 0.8 percent to 383,000 yen but Idemitsu Kosan, hit by Tuesday's tumble in oil prices, lost 1.3 percent to 7,570 yen.
0129 GMT
**OIL-RELATED SHARES FALL AFTER CRUDE OIL TUMBLE**
Oil and gas field developer Inpex and other oil-related shares slid after crude oil fell nearly 3 percent on Tuesday as economic concerns sent investors into safer havens, though NYMEX crude for October delivery later pared some of those losses.
Inpex lost 4.1 percent to 732,000 yen, while oil distributor Showa Shell Sekiyu fell 3.1 percent to 952 yen and fellow distributor Nippon Oil fell 2.4 percent to 528 yen.
0104 GMT
**SEVEN & I DOWN AFTER CUTTING PROFIT FORECAST**
Seven & I Holdings fell 3.6 percent to 2,150 yen after Japan's largest retailer cut its full-year operating profit forecast by 12 percent as a cool summer exacerbated weak consumer spending that has hit the firm and rival stores.
The company, which runs a far-flung retail operation, said it now expects its operating profit to come at 250 billion yen ($2.7 billion) for the year ending in February, 8 percent below the market consensus from Thomson Reuters I/B/E/S.
Other retailers were lower, with rival retail giant Aeon tumbling 4.2 percent to 932 yen and Fast Retailing , the operator of the casual clothing chain Uniqlo, dropping 3.7 percent to 10,440 yen. Fast Retailing will give a briefing on its business strategy from 1:00 p.m. (0400 GMT)
0042 GMT
**ELPIDA MEMORY AWASH WITH SELL ORDERS ON NEW SHARE ISSUE NEWS**
Elpida Memory Inc was untraded and overwhelmed with sell orders after Japan's sole maker of PC memory said it will issue new shares to raise up to $844 million as it seeks to adopt new technologies and struggles with debt in a battered chip sector.
The price for Elpida was indicated at 1,507 yen, down 2 percent from Tuesday's close.
(For IPO news, data and diary, click, for stocks click)
(Reporting by Elaine Lies;)
((elaine.lies@thomsonreuters.com; +81 3 6441 1807; Reuters Messaging:elaine.lies.reuters.com@reuters.net))
Keywords: MARKETS JAPAN STOCKS HOT (Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit http://topnews.session.rservices.com * BridgeStation: view story .134 * Reuters Plus: from your WebDSS screen For more information on Top News, visit http://topnews.reuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The following stocks were on the move:
**SEKISUI HOUSE DROPS AFTER CUTTING PROFIT FORECAST**
Sekisui House Ltd fell 4.9 percent to 848 yen after the home builder cut its annual profit forecast by 68 percent due to weaker-than-expected sales caused by the economic downturn and a delay in implementing some of the government's economy-boosting measures such as tax breaks.
The company now expects a group net profit of 6 billion yen in the year to Jan. 31 instead of a previously projected 19 billion yen. It posted a profit of 11.5 billion yen last year.
0142 GMT
**MITSUI ENGINEERING & SHIPBUILDING UP ON WAVE POWER REPORT**
Mitsui Engineering & Shipbuilding Co Ltd rose 1.2 percent to 255 yen after the Nikkei business daily reported that it, oil distributor Idemitsu Kosan and Japan Wind Development Co will team up to build Japan's first plant to generate power from waves.
The group aims for test runs to start in 2011.
Japan Wind Development, a wind power company, edged up 0.8 percent to 383,000 yen but Idemitsu Kosan, hit by Tuesday's tumble in oil prices, lost 1.3 percent to 7,570 yen.
0129 GMT
**OIL-RELATED SHARES FALL AFTER CRUDE OIL TUMBLE**
Oil and gas field developer Inpex and other oil-related shares slid after crude oil fell nearly 3 percent on Tuesday as economic concerns sent investors into safer havens, though NYMEX crude for October delivery later pared some of those losses.
Inpex lost 4.1 percent to 732,000 yen, while oil distributor Showa Shell Sekiyu fell 3.1 percent to 952 yen and fellow distributor Nippon Oil fell 2.4 percent to 528 yen.
0104 GMT
**SEVEN & I DOWN AFTER CUTTING PROFIT FORECAST**
Seven & I Holdings fell 3.6 percent to 2,150 yen after Japan's largest retailer cut its full-year operating profit forecast by 12 percent as a cool summer exacerbated weak consumer spending that has hit the firm and rival stores.
The company, which runs a far-flung retail operation, said it now expects its operating profit to come at 250 billion yen ($2.7 billion) for the year ending in February, 8 percent below the market consensus from Thomson Reuters I/B/E/S.
Other retailers were lower, with rival retail giant Aeon tumbling 4.2 percent to 932 yen and Fast Retailing , the operator of the casual clothing chain Uniqlo, dropping 3.7 percent to 10,440 yen. Fast Retailing will give a briefing on its business strategy from 1:00 p.m. (0400 GMT)
0042 GMT
**ELPIDA MEMORY AWASH WITH SELL ORDERS ON NEW SHARE ISSUE NEWS**
Elpida Memory Inc was untraded and overwhelmed with sell orders after Japan's sole maker of PC memory said it will issue new shares to raise up to $844 million as it seeks to adopt new technologies and struggles with debt in a battered chip sector.
The price for Elpida was indicated at 1,507 yen, down 2 percent from Tuesday's close.
(For IPO news, data and diary, click, for stocks click)
(Reporting by Elaine Lies;)
((elaine.lies@thomsonreuters.com; +81 3 6441 1807; Reuters Messaging:elaine.lies.reuters.com@reuters.net))
Keywords: MARKETS JAPAN STOCKS HOT (Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit http://topnews.session.rservices.com * BridgeStation: view story .134 * Reuters Plus: from your WebDSS screen For more information on Top News, visit http://topnews.reuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
