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Nikkei flat, dragged down by property and banks

Tue Apr 8, 2008 10:07pm EDT

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(Updates to midday)

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TOKYO, April 9 (Reuters) - Japan's Nikkei average was flat on Wednesday, giving up earlier gains as Tokyu Land Corp (8815.T) and other property firms tumbled on a weak property outlook and banks were sold on credit fears. Funai Electric Co Ltd (6839.OS) surged 8.7 percent after Philips Electronics (PHG.AS) said it will transfer its struggling North American television business to the Japanese electronics maker. [ID:nL08832352]

The benchmark Nikkei .N225 was down 0.04 percent at 13,245.28, while the broader TOPIX slipped 0.6 percent to 1,275.55.

(Reporting by Elaine Lies)

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