Japan's Nikkei rises 0.8 pct, high-tech firms up
(Adds sector shares, comments)
TOKYO, March 21 (Reuters) - Japan's Nikkei share average rose 0.8 percent on Friday, climbing for a third straight session thanks to gains in high-tech firms such as Kyocera Corp (6971.T) after a rise on Wall Street.
But the market's gains were limited by falls in commodities-related shares including gold and copper producer Sumitomo Metal Mining Co Ltd (5713.T) and trading company Mitsubishi Corp (8058.T), due to a tumble in prices of industrial metals such as copper.
"The Tokyo market is in a rebound mode. Investors' concerns have receded for the time being with U.S. financial earnings and the Fed rate cut," said Katsuhiko Kodama, senior strategist at Toyo Securities.
"But there are not many market participants today, as it falls between holidays," he added.
Investors' fears for the fallout of U.S brokerage Bear Stearns' BSC.N collapse was eased after big U.S. interest rate cuts and on news earlier this week that Goldman Sachs (GS.N) and Lehman Brothers LEH.N topped forecasts, although their quarterly profit fell by more than half.
The benchmark Nikkei .N225 ended the morning session up 102.45 points at 12,362.89 and the broader TOPIX gained 0.7 percent to 1,205.02.
Electronics parts maker Kyocera rose 3.8 percent to 8,700 yen, the biggest contributor to the Nikkei. Advantest Corp (6857.T), the world's largest maker of microchip testers, gained 4.6 percent to 2,525 yen.
METAL SHARES FALL
Sumitomo Metal Mining plunged 7.8 percent to 1,776 yen and zinc smelter Toho Zinc (5707.T) fell 6.5 percent to 503 yen. Ferronickel maker Pacific Metals Co Ltd (5541.T) also lost 6.9 percent to 981 yen.
At the New York Mercantile Exchange's COMEX division, copper for May delivery touched its lowest level since Feb. 8, while zinc hit a seven-week low.
Oil and gas field developer Inpex Holdings Inc (1605.T) fell 5.5 percent to 1.03 million yen after U.S. crude oil futures dropped for the second day in a row on Thursday.
Trading houses with stakes in overseas mines and oil fields also declined, with Mitsubishi down 5.7 percent at 2,750 yen and Mitsui & Co Ltd (8031.T) down 6.4 percent at 1,960 yen.
Mitsubishi Heavy Industries Ltd (7011.T) jumped 5.4 percent to 433 yen after the Nikkei business daily reported that Japan's biggest heavy machinery maker is preparing to go ahead with plans to launch a 150 billion yen ($1.5 billion) regional jet project.
Sompo Japan Insurance Inc (8755.T) climbed 4.3 percent to 943 yen after the nonlife insurance firm said it raised its annual dividend forecast to 20 yen per share from 16 yen.
Sony Corp (6758.T) lost 3.3 percent to 4,100 yen after its cellphone joint venture with Sweden's Ericsson (ERICb.ST) said first-quarter earnings could fall by more than half due to slowing market growth of mid to high-end phones. [ID:nL19484753]
Trade slowed on the Tokyo exchange's first section, with 796 million shares changing hands, compared with last week's morning average of 1.2 billion.
Advancing stocks beat decliners by a ratio of more than 3 to 1. (Reporting by Taiga Uranaka, editing by Gary Crosse)
