Japan's Nikkei down in seesaw trade, oil weighs

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By Elaine Lies

TOKYO, April 30 (Reuters) - Japan's Nikkei stock average edged down 0.08 percent on Wednesday, dented by oil-related shares as oil prices slid, but buoyed by Matsushita Electric Industrial Co's surge to its highest this year.

Panasonic maker Matsushita (6752.T: Quote, Profile, Research, Stock Buzz) posted on Monday a 15 percent rise in quarterly operating profit thanks to brisk sales of flat TVs, and forecast a larger-than-expected gain this year, with its mobile phones and DVD recorders also selling well. [ID:nT361784] But earnings were taking a toll elsewhere, hitting a wide range of firms including Internet security software company Fujifilm Holdings Corp (4901.T: Quote, Profile, Research, Stock Buzz), and Sumitomo Metal Mining Co Ltd (5713.T: Quote, Profile, Research, Stock Buzz), both of which slid after gloomy forecasts.

"There's a lot of uncertainty about the overall corporate situation, and things are pretty mixed -- while there is some good news, there aren't enough positive factors to lead to any strong buying," said Katsuhiko Kodama, senior strategist at Toyo Securities Co Ltd.

"There's a mass of sell orders over 14,000 and right now the market doesn't really have the energy to overcome this."

Japan's industrial output fell 3.1 percent in March from a month earlier, well below a market median forecast of a 0.8 percent drop. While this led to sporadic selling, market players said it was not a major factor.

Figures showed that manufacturers' output, the core component of production, is expected to fall 0.3 percent in April but increase 3.4 percent in May. [ID:nT350405]

An earnings-heavy afternoon includes announcements from tradings firms such as Marubeni Corp (8002.T: Quote, Profile, Research, Stock Buzz), and top realtors Mitsui Fudosan Co (8801.T: Quote, Profile, Research, Stock Buzz) and Mitsubishi Estate Co (8802.T: Quote, Profile, Research, Stock Buzz) -- both of which fell after Credit Suisse cut their ratings, although Mitsui Fudosan later recovered.