TOKYO, March 31 (Reuters) - Japan's Nikkei share average
limped along on Tuesday, and was on track for a steep monthly
decline, as the ongoing Middle East conflict weighed on
sentiment.
The benchmark Nikkei 225 Index edged up 0.02%
to 51,896.91, reversing early losses, but was set to fall more
than 11% in March - its biggest monthly drop since May 2010. The
broader Topix added 0.5% to 3,559.92.
Technology shares declined overnight, dragging Wall Street
indexes broadly lower, as the war in the Middle East escalated.
Iran attacked a fully-loaded crude oil tanker in Dubai on
Monday, setting it ablaze.
Japanese shares found support after the Wall Street Journal
reported that U.S. President Donald Trump had told aides he was
willing to end the military campaign against Iran even if the
Strait of Hormuz remains largely closed.
"Semiconductor-related stocks fell sharply in the U.S.
market last night, and following that trend, selling pressure is
being seen today in Japan," said Maki Sawada, an equities
strategist at Nomura Securities.
"If the correction continues, the 50,000 point (on the
Nikkei) is likely to be viewed as a key support level."
There were 163 advancers on the index and 60 decliners. The
largest percentage gainers were Omron ( OMRNF ), up 5.5%,
followed by SHIFT, which gained 5.5%.
The largest losers were all suppliers to the tech sector,
including Fujikura ( FKURF ), down 5.8%, and Sumco ( SUMCF ),
which lost 4.7%.