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RPT-Japan Nikkei up 0.3 percent, trading houses firm

Sun Jun 29, 2008 8:19pm EDT

(Repeats to change slug to Update 1)

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TOKYO, June 30 (Reuters) - Japan's Nikkei stock average opened up 0.3 percent on Monday, with Mitsui & Co and other trading firms climbing after oil surged to a record high near $143 a barrel on Friday, deepening fears about the world economy. Financial firms such as Sumitomo Mitsui Financial Group slipped after their U.S. peers fell on worries about more credit losses. Lehman Brothers forecast Merrill Lynch would write down another $5.4 billion in the second quarter, while Moody's Investors Service said it may cut Morgan Stanley's credit rating.

By 0005 GMT the benchmark Nikkei was nearly flat, down 0.08 percent at 13,534.10 yen. (Reporting by Elaine Lies)

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