Nikkei flat, Nippon Steel up but tech shares fall

Tokyo, Jan 23: The Nikkei average ended flat on Tuesday after hitting its highest level in 9-{ months as Nippon Steel Corp. jumped following its rival's announcement of product price hikes, offsetting losses in tech shares including Advantest Corp.

Steel shares gained after Tokyo Steel Manufacturing Co. Ltd.

announced across-the-board price rises to reflect strong demand, high steel scrap prices and a weak yen.

Investors locked in profits in recent gainers such as property stocks including Mitsui Fudosan Co. Ltd., as the Nikkei neared last year's high of 17,563.37 set on April 7.

The tech-sensitive Nikkei ended down 0.09 percent or 15.61 points at 17,408.57 after rising as high as 17,442.00 in late afternoon. The broader TOPIX index added 0.02 percent to 1,730.76.

Reuters