Japan's Nikkei slips as caution over earnings, key election looms
Updates with prices as of 0600 GMT
By Brigid Riley
TOKYO, Oct 21 (Reuters) -Japan's Nikkei share average fell in choppy trade onMonday, despite gains in technology stocks, as caution ahead of a domestic election and corporate earnings weighed on sentiment.
The Nikkei .N225 closed 0.07% lower at 38,954.60, while the broader Topix .TOPX was down 0.34% at 2,679.91.
Japan's tech shares followed their U.S. peers higher to keep the Nikkei in the green for much of the day, after an earnings-driven jump in Netflix shares NFLX.O and broader gains across tech stocks on Friday. .N
The Dow Jones Industrial Average and S&P 500 chalked up record closing highs last week, with the Nasdaq also in positive territory dueto the tech bump.
Japanese chip-testing equipment maker Advantest 6857.T gained 2.7% to offer the biggest lift, followed by chip-making equipment giant Tokyo Electron 8035.T added 0.9%.
However, the Nikkei struggled for momentum outside of tech, briefly slipping to its lowest since Oct. 4 at 38,775.59 as investors eyed more company earnings announcements later this week.
Japan will vote in ageneral election on Oct. 27 andit remains to be seen whether the ruling Liberal Democratic Party (LDP) will succeed in winning the 233 seats needed for a lower-house majority.
"It seems like investors are refraining from active trading in anticipation of these events", creating a heavy upward resistance, said Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management.
If the LDP fails to retain a majority in the election, it could"heighten uncertainty and potentially lead to increased volatility in the market", he added.
Of the Nikkei's 225 constituents, only 74 advanced while 150 retreated, with Uniqlo's parent firm Fast Retailing 9983.T dropping 0.8% to weigh the heaviest on the index. One share was untraded.
Among other major shares, telecoms company KDDI 9433.T and electronic component maker TDK 6762.T both slid about 1.3%. Automaker Toyota 7203.T lost 0.4%.
Reporting by Brigid Riley; Editing by Rashmi Aich and Sumana Nandy
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