Nikkei down 0.2 pc; Advantest, recent gainers fall

Tokyo, June 19: The Nikkei average slipped 0.16 percent on Tuesday with investors selling a wide range of recent gainers including Advantest Corp. following an overnight fall in U.S. stocks and after three straight sessions of gains.

Internet firm Rakuten Inc. lost ground after the Nikkei business daily reported on Tuesday that Tokyo Broadcasting System Inc. (TBS), which is in a proxy fight with Rakuten, may have enough votes to pass its proposed poison pill measures at its annual shareholders meeting.

''Profit-taking appears to be taking precedence in the market following New York and on concerns about the speed of gains of the Nikkei, which has risen about 600 yen from last week's low,'' said Katsuhiko Kodama, senior strategist at Toyo Securities.

''But the sentiment in the market is still bullish as it's not overheated yet.'' The Nikkei was down 28.85 points at 18,120.67 as of 0043 GM.

The broader TOPIX index fell 0.46 percent to 1,780.24.

Shares of Rakuten lost 2.8 percent to 43,750 yen.

TBS shares dropped 4 percent to 3,810 yen as Tokyo-based real estate firm EM Planning, owned by shoe retailer ABC-Mart Inc.

Chairman Masaharu Miki, reduced its stake in TBS to 3.35 percent from 9.92 percent, official filings showed.

Exporters declined, with Advantest down 1.3 percent at 5,210 yen and TDK Corp. shedding 0.6 percent to 11,480 yen.

Reuters>