TOKYO, May 12 (Reuters) - Japan's Nikkei share average

gave up most of its early gains on Tuesday, as investors sold

chip-related stocks to book profits after recent gains.

The Nikkei was up 0.14% at 62,504.58, as of 0150

GMT, after rising more than 1% earlier in the session. The

broader Topix was up 0.33% at 3853.81.

"Investors sold chip-related shares after seeing a sharp

fall in the (South) Korean market, which was led by declines in

chip-related shares," said Kazuaki Shimada, chief strategist at

IwaiCosmo Securities.

Advantest ( ADTTF ) and Tokyo Electron ( TOELF ) fell 0.3%

each.

Uniqlo-brand owner Fast Retailing ( FRCOF ) fell 3.2%.

Ibiden ( IBIDF ) surged 11% after the maker of smartphone

components raised its annual sales and profit forecasts.

Technology investor SoftBank Group rose 3.6% ahead

of its quarterly results on Wednesday.

The Topix's gains indicated that market participants were

targeting to buy cheap stocks in broader sectors, said Shimada.

Trading houses Mitsubishi Corp ( MSBHF ) and Mitsui & Co ( MITSF )

rose more than 3% each.

Of the more than 1,600 stocks trading on the Tokyo Stock

Exchange's prime market, 36% rose, 60% fell and 3% traded flat.

(Reporting by Junko Fujita; Editing by Subhranshu Sahu)