* Ex-dividend adjustments seen about 130 points
* Kansai Electric jumps after court rules in favor of co
By Ayai Tomisawa
TOKYO, March 29 Japan's Nikkei share average
edged down in choppy trade on Wednesday morning as ex-dividend
share price adjustments pressured the market and offset positive
sentiment from gains in Wall Street overnight.
The Nikkei dropped 0.2 percent to 19,165.66 in
midmorning trade after opening a tad higher.
About 130 points are cut from the Nikkei by the ex-dividend
price adjustment, according to market participants.
Stocks which were bought ex-dividend on Tuesday by investors
hunting for higher yields languished, with Takeda Pharmaceutical
stumbling 2.3 percent and Japan Tobacco Inc
falling 0.7 percent.
Exporters and banking stocks lost ground, with Toyota Motor
Corp falling 1.4 percent, Nissan Motor Co
shedding 2.2 percent and Sumitomo Mitsui Financial Group
declining 1.3 percent.
U.S. stocks ended sharply higher overnight helped by data
showing U.S. consumer confidence had soared to a more than
"The market takes heart from strong U.S. economic data, and
sentiment in the overall market is not bad," said Yutaka Miura,
a senior technical analyst at Mizuho Securities, adding that
without the ex-dividend price adjustments, the Nikkei would have
Other market participants said that with the uncertainty
over U.S. President Donald Trump's ability to push through his
planned tax cuts and stimulus policies, investors remain
cautious about taking large positions in the near term.
The utility sector outperformed, rising 2.3
percent and being the best sectoral performer on the board after
Kansai Electric Power jumped 9 percent after a
Japanese high court on Tuesday overturned a lower court's order
to shut two reactors operated by the company.
The broader Topix shed 0.1 percent to 1,543.73 and
the JPX-Nikkei Index 400 declined 0.1 percent to
(Reporting by Ayai Tomisawa; Editing by Eric Meijer)