February 9, 2018 / 3:05 AM / 10 months ago

Nikkei down sharply in broad global selloff; Nissan hit by lower profit

TOKYO, Feb 9 (Reuters) - Japan’s Nikkei share average tumbled on Friday after another torrid day for Wall Street, with oil-related stocks leading the broad declines as crude prices slumped.

The Nikkei was down 3.2 percent at the end of morning trading at 21,1185.76, bringing its weekly loss so far to 9 percent.

The broader Topix was 2.8 percent lower at 1,715.52, down 8 percent for the week.

Decliners outnumbered advancers 611 to 39, with 17 unchanged. All sectors were in the red.

The oil and coal sector was down 5.4 percent, while the mining sector shed 5.6 percent.

Oil prices fell for a sixth day on Friday after Iran announced plans to boost production and U.S. crude output hit record highs, adding to concerns about a sharp rise in global supplies.

Nissan Motor Co shares slid 4.1 percent after the automaker said on Thursday that its third-quarter operating profit halved, weighed by costs stemming from improper final inspection procedures at home, and higher discounts in the United States

Shares of Nikon Corp provided a rare bright spot, up 2.5 percent a day after the company posted upbeat earnings and forecasts.

Reporting by Lisa Twaronite Editing by Shri Navaratnam

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