December 11, 2017 / 6:49 AM / 2 years ago

Nikkei rises to close at 25-year high, construction companies fall

TOKYO, Dec 11 (Reuters) - Japanese stocks hit a fresh 25-year high on Monday in choppy trade as gains in financial shares and large cap stocks offset falls in real estate and construction companies, with Obayashi Corp diving more than 7 percent.

Obayashi tumbled after reports it had been raided by prosecutors investigating what media reports said were allegations that the construction firm had rigged bids for Japan’s magnetic levitation train line.

The Nikkei share average ended 0.6 percent higher at 22,938.73, the highest closing level since early 1992, after trading mostly flat in the morning.

Financials gained ground, with Mitsubishi UFJ Financial Group rising 1.5 percent, Sumitomo Mitsui Financial Group up 2.3 percent and insurer T&D Holdings adding 1.3 percent.

Large-cap stocks as SoftBank Grouo Corp and KDDI Corp gained 0.8 percent and 1.9 percent, respectively.

The construction sector fell 1.2 percent and was the worst performer.

Real estate firms languished, with Mitsui Fudosan dropping 0.8 percent and Mitsubishi Estate falling 0.7 percent.

Chip equipment makers also lost ground. Tokyo Electron Ltd dropped 1.8 percent and Advantest Corp shed 0.2 percent

The broader Topix gained 0.5 percent to 1,813.34.

Reporting by Ayai Tomisawa; Editing by Eric Meijer

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