Nikkei slips; metals, economic worries weigh

Nikkei has third consecutive negative week TOKYO: Japan's Nikkei stock average lost 0.4 per cent on Friday, weighed down by selling of smelters after non-ferrous metals prices fell, with concerns about consumer spending and Wall Street's performance leading to broad selling.

But buying of a range of defensive shares such as Seafood Company Nippon Suisan, which surged after a brokerage upgrade, kept the fall in check. A brokerage upgrade also boosted Sharp Corp.

US stocks fell on Thursday as a stronger dollar weighed on commodity-linked shares and a guarded outlook from Wal-Mart Stores Inc led to worries about consumer spending.

The Nikkei lost 0.2 per cent on the week for its third straight week of losses, the first such negative stretch since the three weeks end Oct. 2. In thin trade, it lost 34.18 points on the day to close at 9,770.31.

Should the Nikkei touch this level it could fall rapidly, Fujito said, with the next key level being 9,000.

Banks edged up, with Mizuho Financial Group up 1.7 per cent at 179 yen and Sumitomo Mitsui Financial Group up 0.6 per cent at 3,240 yen. But Mitsubishi UFJ Financial Group, which announces results next week, fell 0.8 per cent to 508 yen.