April 20, 2018 / 2:12 AM / a year ago

Nikkei flat as tech sector losses offset financials rally

TOKYO, April 20 (Reuters) - Japan’s Nikkei share average was flat in choppy trade on Friday morning as worries about slower smartphone demand hit technology shares, while financial stocks rallied helped by higher U.S. yields.

The Nikkei was flat at 22,191.83 in midmorning trade, after trading in negative territory. For the week, the Nikkei has gained 1.7 percent and is poised to post its fourth straight week of gains.

Semiconductor equipment companies and electronic component makers underperformed after Taiwan Semiconductor Manufacturing Co Ltd, the world’s largest contract chipmaker, revised its full-year revenue target to the low end of its previous forecast due to softer demand for smartphones.

Tokyo Electron tumbled 4.5 percent, Advantest Corp dived 4.8 percent, while Murata Manufacturing shed 2.9 percent, TDK Corp fell 2.9 percent and Alps Electric dropped 3.2 percent.

On the other hand, financials, which hunt for high-yielding products such as foreign bonds, outperformed after U.S. yields rose.

Insurers Dai-ichi Life surged 3.5 percent, MS&AD Insurance gained 1.2 percent. Sumitomo Mitsui Financial Group added 0.7 percent.

The broader Topix gained 0.1 percent to 1,752.38. (Editing by Sam Holmes)

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