Nikkei slips 0.4 pct; metals, economic worries weigh

Fri Nov 13, 2009 6:28am GMT
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* Nikkei drifts ahead of JAL, megabank earnings

* Profit-taking in broad range of shares

* Key level for Nikkei is 9,500, then 9,000 - analysts

* Nikkei has third consecutive negative week

By Elaine Lies

TOKYO, Nov 13 (Reuters) - Japan's Nikkei stock average lost 0.4 percent on Friday, weighed down by selling of smelters after non-ferrous metals prices fell, with concerns about consumer spending and Wall Street's performance leading to broad selling.

But buying of a range of defensive shares such as seafood company Nippon Suisan (1332.T: Quote, Profile, Research), which surged after a brokerage upgrade, kept the fall in check. A brokerage upgrade also boosted Sharp Corp (6753.T: Quote, Profile, Research)

Activity waned as attention turned to struggling Japan Airlines Corp (9205.T: Quote, Profile, Research) and megabanks Mizuho Financial Group (8411.T: Quote, Profile, Research) and Sumitomo Mitsui Financial Group (8316.T: Quote, Profile, Research), all of which announce results after the close.

"I think a lot of investors want to see what New York stocks will do today after yesterday's slip, since there's a sense that New York may have peaked out," said Yutaka Miura, senior technical analyst at Mizuho Securities.  Continued...

 
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