December 11, 2017 / 2:33 AM / a month ago

Nikkei flat as real estate, construction stocks weigh

TOKYO, Dec 11 (Reuters) - Japanese stocks struggled for traction on Monday as gains in financial shares were offset by drops in real estate and construction companies, with Obayashi Corp diving more than 8 percent.

Obayashi tumbled on reports that it is under investigation on suspicion of rigging contracts for Japan’s magnetic levitation train line.

The Nikkei share average was little changed at 22,815.28 by midmorning trade after opening up 0.4 percent.

Financials gained ground, with Mitsubishi UFJ Financial Group rising 1.0 percent, Sumitomo Mitsui Financial Group up 2.0 percent and insurer T&D Holdings adding 1.3 percent.

The construction sector plunged 1.9 percent and was the worst performer.

Real estate firms also languished, with Mitsui Fudosan and Mitsubishi Estate both falling 1.2 percent.

Chip equipment makers also lost ground. Tokyo Electron Ltd dropped 1.5 percent and Advantest Corp shed 0.5 percent

The broader Topix shed 0.1 percent to 1,801.54.

Reporting by Ayai Tomisawa; Editing by Kim Coghill

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