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Japan's Nikkei edges down but buoyed by Matsushita

Tue Apr 29, 2008 10:07pm EDT

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(Updates to midsession)

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TOKYO, April 30 (Reuters) - Japan's Nikkei stock average was down 0.1 percent on Wednesday, dragged lower by oil-related shares as oil prices slid but buoyed by Matsushita Electric Industrial Co (6752.T), which surged to its highest level this year.

Panasonic maker Matsushita 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]

The Nikkei .N225 shed 10.88 points to 13,883,49, while the broader Topix was nearly flat at 1,361.27 after seesaw trade that saw both briefly edge into positive territory.

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