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Nikkei slips as chipmakers fall; property surges

Mon Jun 15, 2009 2:16am EDT

Stocks

   

TOKYO, June 15 (Reuters) - Japan's Nikkei stock average fell 1 percent on Monday, dragged lower by chipmakers after disappointing guidance from a U.S. peer, as investors booked profits after the Nikkei rose to an eight-month high last week.

But falls were checked by gains in property developers such as Sumitomo Realty & Development (8830.T) after Daiwa Institute of Research hiked its rating on the real estate sector to "neutral" from "underweight", citing ongoing improvement in credit markets and global confidence.

The Nikkei share average .N225 fell 96.15 points to 10,039.67. The benchmark index had hit an eight-month closing high of 10,135.82 on Friday.

The broader Topix fell 0.4 percent to 946.82. (Reporting by Elaine Lies and Masayuki Kitano)



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