Friday November 20, 04:07 AM
Japan Hot Stocks-Chip-related, JFE, Riberesute, Inpex
TOKYO, Nov 20 (Reuters) - The benchmark Nikkei (news) average fell 1.1 percent and the broader TOPIX was 0.7 percent lower on Friday.
The following stocks were on the move:
**CHIP-LINKED SHARES DOWN AFTER U.S. PEERS FALL**
Advantest Corp and other chip-related shares fell in the wake of losses by their U.S. peers after Bank of America (NYSE: IKJ - news) -Merrill Lynch (NYSE: MER - news) cut its 2010 growth outlook for the semiconductor industry on concerns about a rising inventory glut, and downgraded 10 stocks including Intel Corp (NASDAQ: INTC - news) and Texas Instruments (NYSE: TXN - news) .
Advantest (Berlin: VAN.BE - news) , which makes chip-testing equipment, lost 2.9 percent to 2,030 yen, Tokyo Electron (Frankfurt: 865510 - news) lost 1.6 percent to 4,930 yen and Nikon Corp (Berlin: NKN.BE - news) , which makes steppers, lost 4.3 percent to 1,568 yen.
0336 GMT
**JFE DOWN DESPITE TIE-UP WITH JSW** JFE Holdings Inc, the world's sixth-biggest steelmaker, fell 3.3 percent to 2,790 yen despite the firm's announcement of a production tie-up with India's third-biggest steelmaker, JSW Steel Ltd.
Minoru Matsuno, president of Value Search Asset Management, said the news was positive for JFE, but that this was overshadowed by the market's overall weakness stemming from the strong yen, a series of new share issues and the political situation in Japan.
0200 GMT
**RIBERESUTE JUMPS AFTER LIFTING DIVIDEND FORECAST**
Riberesute Corp rallied 6.8 percent to 86,000 yen after the condominium developer lifted its annual dividend forecast to 6,000 yen per share from a previously projected 5,000 yen.
The company has been rapidly expanding its 'outlet condominium' business by buying unsold units in bulk from other developers that are struggling with weak sales and tight financing, and reselling them to consumers at big discounts.
0200 GMT
**INPEX, OIL-RELATED FIRMS FALL IN WAKE OF OIL DROP**
Top oil and gas explorer Inpex Corp fell 4 percent to 705,000 yen, top refiner Nippon Oil Corp dropped 2.4 percent to 372 yen, and the oil and coal products sub-index declined 2.1 percent after oil fell more than 2 percent the previous day. On Friday, oil was up 23 cents at $77.69 a barrel.
0200 GMT
**MITSUBISHI CHEMICAL CLIMBS AFTER BROKER UPGRADE**
Mitsubishi Chemical Holdings surged 6.1 percent to 312 yen after Nomura Securities upgraded its rating on the company's shares to '1' from '2', citing Mitsubishi Chemical's announcement on Thursday that it would launch a a roughly 228 billion yen ($2.6 billion) bid to buy acrylic fibre and resins maker Mitsubishi Rayon (Frankfurt: 858413 - news) .
'This business integration is likely to be a first step toward a major leap for the company's group,' Nomura analyst Shuichi Nishimura said in a research note.
0158 GMT
**SONY FALLS AFTER ANNOUNCING NEW BUSINESS STRATEGY**
Sony (Munich: 853687 - news) shares fall 2.6 percent to 2,405 yen after it pushed back an elusive target of an operating profit margin of 5 percent to March 2013 and said it aims to make its videogame and TV operations profitable next year.
Sony's TV business is in its sixth straight year of losses as it struggles to compete with South Korean rivals such as Samsung Electronics Co Ltd, and analysts say it will be difficult for the unit to turn profitable soon.
0017 GMT
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