TOKYO, Feb 16 (Reuters) - Japan's Nikkei share average
drifted lower on Monday, with financials leading losses, as
weaker-than-expected economic data and a post-election lull
capped moves.
The Nikkei 225 Index was down 0.2% at 56,824.37, as
of 0146 GMT. The broader Topix slid 0.7% to 3,792.63.
Preliminary October-December gross domestic product (GDP)
figures showed that the Japanese economy missed economists'
median forecast on softer capital spending, although it did
reverse the previous quarter's contraction.
"I figured the GDP figures would be treated as past figures,
but seeing the Nikkei average struggling to gain, there may be
some slight impact," said Masahiro Ichikawa, chief market
strategist at Sumitomo Mitsui DS Asset Management.
The rally in Japanese equities following Prime Minister
Sanae Takaichi's snap-election victory earlier this month may
also have run its course for now, Ichikawa added.
The banking sector was down 3.22%, with Resona
Holdings ( RSNHF ) and Mizuho Financial Group ( MFG ) dropping
7% and nearly 5%, respectively.
The largest loser by percentage in the Nikkei was medical
equipment maker Olympus, down nearly 13%, following
disappointing earnings. Printing and electronics firm Toppan
Holdings fell 5.5%.
Bucking the overall sombre mood, shares of Sumitomo Pharma ( DNPUF )
surged 13.9% to lead the Nikkei's gainers by percentage
after the drugmaker said Japan's health ministry would review
its iPS cell-derived therapy for advanced Parkinson's disease
this week.
Credit card company Credit Saison ( CSASF ) jumped 9%, and
furniture maker Nitori ( NCLTF ) Holdings gained 8.2%.