January 31, 2018 / 6:54 AM / 2 years ago

Nikkei drops for 6th day as mining companies, steelmakers fall

TOKYO, Jan 31 (Reuters) - Japan’s Nikkei share average fell for a sixth straight day on Wednesday in choppy trade, with most sectors in negative territory, while large-cap stock Advantest soared after raising its profit forecast.

The Nikkei ended 0.8 percent lower to 23,098.29, falling for six straight days, after flirting with positive territory earlier.

Although the Nikkei is still up 1.5 percent this year, it has fallen 4.5 percent from the 26-year peak of 24,129.34 hit a week ago.

The broader Topix declined 1.2 percent to 1,836.71. Turnover was 3.6 trillion yen, the highest since early December.

Thirty-one of the Topix’s 33 subsectors were in negative territory, with mining companies and steelmakers among Wednesday’s big losers.

Inpex Corp dropped 2.4 percent and Nippon Steel & Sumitomo Metal shed 2.1 percent.

Bucking the weakness, Advantest Corp jumped 5.7 percent after it raised its net profit outlook to 15 billion yen ($137.96 mln) from 14.5 billion yen for the fiscal year ending March 2018. (Reporting by Ayai Tomisawa; Editing by Sam Holmes and Eric Meijer)

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